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Market Update

Sensex in India Soars 1.9%, Rupee Weakens

Author: Marcus Jacob
Last Update: 9:51 AM ET March 30 2015

6:00 PM Mumbai Sensex in Mumbai soars 1.9% and banks led the gainers. Rupee eased and oil price declined. BHEL received contract worth ₹5,000 crore in Telangana. NMDC commissioned its new iron ore project with an estimated investment of ₹600 crore in Chhattisgarh.

Stocks in Mumbai soared following higher closing in New York and a rally across Asia.

The sharp rally on Dalal Street was powered by exporters, wireless telecoms and banks. Banks led the upward charge on a widespread speculation that the Reserve Bank of India may lower rate again as early as the next meeting.

Rupee eased 26 paisa 62.67 against one dollar.

The Sensex Index climbed 517.22 or 1.9% to close at 27,975.86. The CNX Nifty jumped 150.90 or 1.8% to 8,492.30.

Gainers & Losers

Bharat Heavy Electricals Limited rose 2.6% to ₹238.60 after the power generation equipment maker received contract worth ₹5,000 crore for 1,080 megawatts Manuguru thermal power project in Telangana.

Colgate-Palmolive (India) Limited advanced 1.2% to ₹2,024.85 after the personal care products maker plans to start toothbrush manufacturing unit in Chittor, Andhra Pradesh.

E.I.D-Parry (India) Limited increased 1.2% to ₹169 after the sugar producer plans to sell 1.02 lacs at ₹100 a share in its non-operating subsidiary Alagawadi Bireshwar Sugars and raise ₹1.70 crore.

Fortis Healthcare Limited added 1.9% to ₹166.50 after the healthcare services provider sold its Singapore-based hospital to China-based Concord Medical Services for S$55 million.

ICICI Bank Limited rose 1.3% to ₹318.35 after the private sector bank received equity capital return of C$80 million and $75 million from its subsidiaries in Canada and the U.K. this month.

NMDC Limited jumped 3.2% to ₹129.30 after the iron ore producer commissioned its new iron ore project with an estimated investment of ₹600 crore in Chhattisgarh.

Tata Teleservices Maharashtra Limited gained 2.5% to ₹7.87 after the communications services provider won telecom spectrum 2.5 megahertz each in 800 megahertz band in Mumbai and Maharashtra to bid values of ₹1,819 crore and ₹1,999 crore respectively.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc