Nifty Hits 8700, Sensex Up Over 100 Pts Wockhardt Dives 12%
9:30 am Gas price cut for producers: Natural gas price paid to producers like state-owned Oil and Natural Gas Corp (ONGC) and Reliance Industries is likely to fall 20 %to USD 2.45 in October.
This will be the fourth reduction in last 18 months following the formula approved by the government in October 2014. Price of natural gas produced from existing fields of ONGC and RIL is likely to fall to USD 2.45 per million British thermal unit with effect from October 1 as opposed to USD 3.06 currently, a senior official said.
The market has opened higher on Monday. The Nifty has opened at new 52-week high with the 50-share index up 26.95 points or 0.3 % at 8710.10 and the Sensex is up 113.53 points or 0.4 % at 28191.88. About 409 shares have advanced, 101 shares declined, and 37 shares are unchanged. Bajaj Auto, Axis Bank, Adani Ports, M&M and Maruti are top gainers while Infosys, GAIL, TCS and Bharti Airtel are losers in the Sensex.
Wockhardt is down 12 percent. The Indian rupee opened lower by 8 paise at 66.85 per dollar on Monday versus previous close 66.77. Dollar gained ground versus the yen amid the bigger-than-estimated increase in American payrolls.
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