By RTT News,
January 01, 2014, 11:35:00 PM EDT
(RTTNews.com) - The Indian markets opened higher on Thursday despite weak sentiment prevailing elsewhere across the Asia-Pacific region.
The government yesterday revised the rates of non-subsidized LPG cylinders in an attempt to cut subsidies and reduce its fiscal deficit. It is a welcome move as chances of a rating downgrade are quite high.
The benchmark BSE Sensex is currently up 161 points or 0.76 percent at 21,302, while the broader Nifty index is up 47 points or 0.75 percent at 6,349.
BPCL, HPCL and IOC are gaining about a percent each after they hiked the price of non-subsidized cooking gas cylinders by a steep Rs 220 per cylinder. The oil companies also hiked ATF prices by 2.7 percent from Wednesday. ONGC shares are up a percent and gas transmission and marketing firm GAIL is adding 1.5 percent.
Canara Bank is rallying 2.2 percent after the state-run lender raised Rs 500 crore by allotting 18.25 million equity shares to the government on a preferential basis.
Tata Motors is rising marginally and Ashok Leyland is rallying 3.5 percent after the Ministry of Urban Development sanctioned 1080 more buses for 13 cities under the Jawaharlal Nehru National Urban Renewal Mission.
MCX is rising 1.3 percent on reports that Bombay Bullion Association is considering buying a 5 percent stake in the commodity bourse.
The Indian markets swung between gains and losses before closing marginally lower on Wednesday. The benchmark Sensex moved in a narrow range before closing down 30.20 points or 0.14 percent at 21,140.48, while the Nifty index ended largely unchanged at 6,301.65.
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