India's Sensex crosses 19,000 mark again

The Bombay Stock Exchange Sensitive Index, or Sensex, rose 351.33, or 1.9 per cent, to 19,078.3, the highest level since April 29. The BSE 200 Index gained 1.7 per cent to 2,357.5. Birla Pacific MedSpa Ltd. doubled to Rs19.95 on its trading debut. The Yash Birla group, operator of medical spas, raised Rs652 million (Dh54 million) selling shares at Rs10 each at its initial public offer. Reliance Industries Ltd. increased 2.1 per cent to Rs870.7, the most in two weeks. Reliance's plan to sell stakes in 23 oil and gas blocks it operates to BP Plc for $7.2 billion may get cabinet approval next week, an oil ministry official with knowledge of the matter said. Rushil Decor Ltd. jumped 66 per cent to Rs119.5 on its first day of trading. The maker of laminate sheets raised Rs406 million ($9 million) selling 5.64 million shares at Rs72 each in its initial share sale. SKS Microfinance Ltd. added 20 per cent per cent to Rs411.8, the most since August 16. The company gained after the Mint reported Indian microfinance companies will be freed from provincial government laws and regulated by the nation's central bank. Sun TV Network Ltd. fell 3.4 per cent to Rs321.95, the lowest level since June 14. The Indian broadcaster and distributor dropped in Mumbai after NDTV tele-vision channel reported Textiles Minister Dayanidhi Maran resigned, without saying where it obtained the information. Sun TV is controlled by the Maran family. Dayanidhi is the brother of Kalanithi Maran, chairman of both companies. India's 10-year bonds dropped for the first time in three days on speculation investors are reducing their holdings of existing notes before a debt sale Saturday. The finance ministry will sell Rs120 billion of securities due in 2017, 2022 and 2027. The government plans to auction a total of Rs630 billion of debt in July. The wholesale price index rose 9.06 per cent in May and has held above 8 per cent for 17 months. "The auctions are going to tighten liquidity," said Ganti N. Murthy, the Mumbai-based head of fixed income at Peerless Mutual Fund. "Yields are unlikely to ease anytime soon." From / Gulf News