Global Markets Rally Lifts India 5

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Market Update Analysis:

Global Markets Rally Lifts India 5%

Author: 123jump.com Staff
123jump.com
Last Update: 3:13 PM EST February 14 2008

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Mumbai stocks surged on Thursday with the benchmark index Sensex gaining 4.8% 817.49 and CNX Nifty rose 5.3% or 5,202.00 levels. Sharp in rise in Europe and the U.S. listed Asian markets. The rally in global markets was triggered by an unexpected rise in US retail sales in January 2008.Petrol prices were revised by two rupees per litet and diesel prices were increased by one rupee. The price hike lifted Indian Oil by 14% and BPCL by 11%.

Contracts

Punj Lloyd gained 10.5% to 366.5 rupees. Sembawang, a unit of Punj Lloyd, the engineering and construction firm has bagged S$400 million contract to build part of the Marina Bay Sands integrated resort in Singapore.

Bharat Heavy Electricals surged 12.6% to 2,232 rupees after it won a 200 crore rupee contract to supply oil field equipment to Oil & Natural Gas Corporation.

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