The 30-share BSE Sensex climbed 153 points to 29288.88 and the 50-share NSE Nifty advanced 41.20 points to 8850.55. About 1507 shares have advanced, 1034 shares declined, and 191 shares are unchanged on the BSE.
Hero Motocorp slumped near 5 percent post a block deal where the promoters sold 3.5 percent stake or 71 lakh shares in multiple blocks between Rs 2,664 to Rs 2,718 a share. Promoters hold 36.4 percent stake post these block deals.
Defence stocks like Astra Microwave, Bharat Electronics and BEML rallied 5-10 percent post Prime Minister’s push for the sector. Speaking at the Aero India show, Modi commits to doubling output in defence manufacturing with preference to be given to ‘Made in India’ defence products.
Pipavav Defence surged 13 percent on market buzz that Mahindra & Mahindra may soon announce buyout of 25-30 percent stake in the company followed by an open offer. Reports suggest that M&M may pump in Rs 3,000 crore into the deal which values Pipavav Defence at an enterprise value of Rs 12,000 crore.
Suzlon Energy jumped another 15 percent to take it’s weekly winnings to 40 percent as the government stressed on renewable energy. Finance Minister Arun Jaitley hinted at a major push for green energy in the upcoming Budget. Experts too called Dilip Shanghvi’s bet on Suzlon as a game changer for the beleagured stock.
In Asia, Nikkei raced to a multi-year high on low volumes as key markets like China and South Korea remained closed for the lunar new year. Brent Crude hit a 2-month highs of USD 63 a barrel on short covering as well as concerns regarding unrest in Libya.
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