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Nifty inches towards 8350, Sensex strong; Mahanagar Gas up 30%

Equity benchmarks rallied for the fifth consecutive session today with the Nifty inching towards 8350 level, tracking positive global cues.

The Sensex rose 183.79 points or 0.68 percent to 27183.51 and the Nifty climbed 53 points or 0.64 percent to 8340.75. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.8-0.9 percent.

Mahanagar Gas jumped 30% to Rs 547.30 against issue price of Rs 421 on debut.

The market opened July series on a strong note. The 50-share is up 49.05 points or 0.6 percent at 8336.80 and the Sensex is up 185.87 points or 0.7 percent at 27185.59. About 666 shares have advanced, 148 shares declined, and 41 shares are unchanged.

Dr Reddy's Labs, BHEL, Tata Steel, Wipro and Tata Motors are top gainers while ITC, Bharti Airtel, HUL, Asian Paints and NTPC are losers.

The Indian rupee opened marginally higher at 67.50 per dollar on Friday against previous close of 67.52. Pound is headed for a second weekly drop as traders mull the political fallout from the brexit vote, along with signs the Bank Of England may cut interest rates in the coming months.

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