Sensex up 300 pts; MCX shoots 35% in pre-opening session

The BSE Sensex started off trade with 250 points gap up on Friday following strong global cues. Even the NSE Nifty touched 5300 level on hopes that Greek debt deal will get passed soon.

MCX was at Rs 1,395 (near to expected price), up 35% over issue price of Rs 1032 in pre-opening session. Normal trading session of the world's fifth largest commodity exchange will start only after 10 am. Shares of Financial Technologies, a promoter of MCX, rose 1.6% to Rs 875.

The BSE benchmark gained 303 points or 1.77% at 17,448.75 and the NSE benchmark jumped 94 points or 1.8% to 5,314.35.

Asian markets extended gains today on hopes that Greek debt swap deal will get approved soon. Overwhelming participation from private bondholders indicates that support is still flowing in. Greek officials indicate over 95% participation. Yesterday, even US markets rallied 0.5-1%.

Back home, Tata Steel, SAIL, IDFC, ICICI Bank, Axis Bank, Reliance Industries, L&T, Bharti Airtel, BHEL, TCS and Wipro gained 1.5-3.5%.

The NSE Bank NIfty surged 244 points in early trade.

Reliance Communications gained 2% as about 2 crore shares changed hands on BSE in a block deal.

However, BPCL and HPCL lost 0.7% as these companies are waiting for oil price hike.

About five shares advanced for every share falling on the National Stock Exchange. The CNX Midcap moved up 118 points to 7,589.

In the second line shares, MTNL gained 4% as Business Standard reports that LIC wants to exit MTNL via private placement.

Mahindra Satyam rose 3.5% after the company acquired vCustomes's BPO biz for USD 27 million.

Hexaware Technologies moved up 4% as L&T in today's board meeting will discuss Hexaware acquisition.

Kingfisher Airlines climbed 2.5% after oil companies resumed fuel supply to the company last night. They had cut fuel supply for non-payment. However, IATA suspended Kingfisher. KFA says it is unable to pay IATA as bank accounts frozen.

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MCX to list on March 9

Multi Commodity Exchange of India (MCX), world's fifth largest commodity exchange, is set to list its equity shares on Friday, March 9, 2012.

The company raised Rs 663.31 crore via issue of 64.27 lakh equity shares at upper end of price band of Rs 860-1032 a share.

The issue, which received overwhelming response and got subscribed 54 times, was opened for subscription during February 22-24.

It was an offer for sale, so selling shareholders will get entire funds. Promoter Financial Technologies holds 26% stake in the company post issue, which was earlier holding 31.18% stake.

Other selling shareholders include State Bank of India, GLG Financials Fund, Alexandra Mauritius Limited, Corporation Bank, ICICI Lombard General Insurance Company Limited and Bank of Baroda.

Fuel price hike on hold till Holi

The oil marketing companies will not be increasing petrol prices , and perhaps will refrain from doing so till after Holi.

Sources say this was decided after a meeting the oil marketing companies had with the oil secretary earlier today.

The OMCs want to hike prices by Rs 5 per litre, but have decided, this time round, to seek the government's advice on just when to do so.

OMCs are also pushing for a diesel price hike to help bridge the current under recover of over Rs 12 per litre. They believe this is the only option right now.

However, will the UPA-2 bite the bullet and hike fuel prices right now? Do remember Parliament will convene next week for the Budget session.

Oil companies likely to hike fuel prices after state polls

Petrol and possibly diesel prices are likely to be hiked by Rs 2-4 per litre once Assembly Elections in five states, including Uttar Pradesh, are completed this week. State-owned oil companies are losing about Rs 4 per litre on petrol, industry officials said.

Oil firms had last revised petrol prices on December 1 after which rates have not been changed because of Assembly Elections.

The industry, they said, has lost about Rs 900 crore since the last revision which was done at international gasoline price (the benchmark for deciding domestic retail rates) was USD 109 per barrel. Gasoline rates have since risen to over USD 125 a barrel.

"In all probability, petrol price will be increased after assembly polls," an official said.

Another official said diesel rates too may be hiked before the Budget session of Parliament that begins on March 12.

State-owned oil firms lose Rs 12.77 per litre on diesel. They also lose Rs 30.21 a litre on kerosene and Rs 378 per 14.2-kg domestic LPG cylinder.

Indian Oil Corp , Bharat Petroleum and Hindustan Petroleum are losing over Rs 410 crore per day on sale of diesel, domestic LPG and kerosene.

Officials said the call on raising diesel prices would be taken by an Empowered Group of Minister (EGoM) as and when it meets while petrol rates would be revised by oil firms themselves.

Petrol price were freed from government control in June 2010 but rates have not moved in tandem with imported cost.

While petrol price were last revised on December 1 when they were cut by Rs 0.78 per litre to Rs 65.64 per litre in Delhi, diesel currently costs Rs 40.91 a litre.