Sensex gains 44 points

Sensex shares sustained by buying funds and retail investors,gains 17,875.05

Written by Agencies | Mumbai | Published: February 10, 2012 10:02 am

The BSE benchmark Sensex today extended gains for the third straight session by adding another 44 points in early trade,on sustained buying by funds and retail investors.

The 30-share index,which had gained over 208 points in the past two sessions,added another 44.30 points,or 0.25 per cent,to 17,875.05.

The wide-based National Stock Exchange index Nifty moved up by 11.80 points,or 0.22 per cent,to 5,424.15.

Brokers said sustained buying by funds in shares of auto,oil and gas and consumer durable sectors supported the rise in the Sensex.

In Asia,Japan’s Nikkei gained 0.09 per cent in morning trade today. The Dow Jones Industrial Average ended 0.05 per cent higher in yesterday’s trade.

MARKET STOCKS (PREOPEN):Sensex shares seen choppy; Tata Steel likely to fall

Sensex shares are expected to be choppy with Tata Steel seen falling after the company reported an unexpected quarterly loss,its first in more than two years.

Tata Steel,the world’s No.7 steelmaker which operates two-third of its global capacity of about 28 million tonnes in Europe,warned it did not expect a significant revival in demand in its core markets in 2012.

Arun Kejriwal,strategist at research firm KRIS,said investors would watch December industrial output data for direction.

Analysts expects the data,due around 11 a.m. (0530 GMT),to show output grew at a weaker annual rate of 3.4 percent from November’s 5.9 percent.

The market has been rallying for almost six weeks. The question is how long can it sustain,Kejriwal said

Global markets were lower as investors keep a cautious view over Greece’s debt restructuring prospect after Athens struck a deal on fiscal reforms to avoid a default.

The MSCI’s measure of Asian markets other than Japan was down 0.63 percent by 0248 GMT,while the Nifty India stock futures in Singapore dropped 0.28 percent,indicating a lower start.

On Thursday,the BSE index closed up 0.7 percent 17,707.32 points,taking gains to move than 15 percent in 2012.

STOCKS TO WATCH

ACC may rise after the cement maker reported higher-than-expected 86 percent rise in December-quarter profit.

Hindustan Petroleum Corp is expected to rise after the state-run oil marketing company said after market closed on Thursday its quarterly profit jumped 13-fold.

Jindal Stainless may fall after it reported a December-quarter loss of 1.1 billion rupees.

GTL Infrastructure will be watched after it reported December-quarter loss of 14.3 million rupees,compared with 619.9 million rupees a year ago.

FACTORS TO WATCH

* Euro near two mth highs after Greece; yen heavy

* Brent rises for 8th day after Greek bailout deal

* Investors cautious despite Greece deal

* Greek deal leads to modest gains on Wall St

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