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Monday, November 29, 2021

BSE Sensex jumps by 115 pts,Reliance Industries,Infosys shares gain

BSE Sensex gained 0.71 pct,while broader NSE Nifty index ended higher 0.81 pct.

Written by Reuters | Mumbai |
November 28, 2013 4:07:32 pm

The benchmark Sensex today broke two straight sessions of falls and closed 114.65 points up buoyed by rise in capital goods,realty and power shares,amid expiry of monthly equity derivative contracts and strong global cues.

Gains in Reliance Industries (RIL),Larsen & Toubro (L&T),Infosys Ltd,HDFC Ltd and Mahindra & Mahindra Ltd shares helped the index log gains,while losses in ICICI Bank,Tata Motors and ITC Ltd capped further rise.

After losing 185 points in previous two sessions,the Sensex recovered by 114.65 points,or 0.56 per cent,to 20,534.91. In the 30-share barometer,23 constituents rose while seven fell. Overall,12 of 13 BSE sectoral indices rose.

The 50-share National Stock Exchange index Nifty rose by 34.75 points,or 0.57 per cent,to end at 6,091.85,after touching 6,112.95 intra-day.

Also,SX40 index of MCX Stock Exchange closed 65.24 points higher at 12,185.23.

Global stock indices closed in green tracking gains in US yesterday on analysts cheering data on jobless claims and consumer confidence.

However,the strength in US dollar weighed on rupee that was last trading at 62.3 levels,slipping from Wednesday’s close of 62.14 — a three-week high.

Brokers said equity investors and foreign funds were seen covering their pending positions created in recent bear phase.

On the expiry of monthly derivatives,Sahaj Agrawal,Deputy Vice President – Derivatives Research,Kotak Securities said: “Nifty ended the November series with loss of near 3 per cent. Significant volatility was seen in the last week of the November series…next month is expected to witness increased volatility owing to (state) polls outcome.”

Sectorally in the cash segment today,the BSE Capital Goods sector index gained the most as it rose 1.92 per cent,followed by BSE Realty index (1.40 per cent),BSE Power index (1.37 per cent) and Metal index (0.95 per cent).

Oil&gas shares saw modest gains after crude oil consolidated at a six-month low after US crude stockpiles rose for a tenth straight week.

HIGHLIGHTS

* BSE index gains 0.56 pct;

* NSE ends 0.57 pct higher

* July-Sept GDP seen picking up slightly to 4.6 pct y/y

* Bets increasing for a rally in Apollo Tyres

Indian shares rebound after two days of losses; GDP data awaited

(Reuters) Indian shares rose on Thursday,recovering from two sessions of falls as Power Grid Corp and other blue chips recouped recent losses,while Dr. Reddy’s gained after a rival received an import ban on a key competing drug from U.S. Regulators.

Traders said the expiry of monthly derivatives at the end of the session sparked less volatility than usual,with broader sentiment also helping as global shares rose towards six-year highs after a raft of positive U.S. economic data.

Still,a stronger-than-expected U.S. economy could hurt Indian shares if it spurts the Federal Reserve to start tapering its monetary stimulus,creating some caution in the weeks ahead.

More immediately,traders are looking for India’s economic growth data on Friday,which is expected to have picked up 4.6 percent in the July-September period from 4.4 percent in the previous three months. “Despite whatever comes at global level,election results are most critical thing for the market at this point. Nifty may breakout if they indicate a stable government,” said Sudip Bandyopadhyay,managing director of Destimoney Securities Pvt Ltd.

The benchmark BSE index rose 0.56 percent,or 114.65 points,to end at 20,534.91,rebounding from two consecutive day of falls.

The broader NSE index rose 0.57 percent,or 34.75 points,to end at 6,091.85,about 8 points short of a psychologically important 6,100 level.State-run Power Grid Corp of India Ltd ended up 2.8 percent after being among the leading losers on Wednesday ahead of a share sale that is part of the government’s disinvestment programme.

Among other blue chip shares,Infosys Ltd rose 1.1 percent while Mahindra and Mahindra Ltd ended 1.8 percent higher,recovering from falls on Wednesday.

Dr Reddy’s Laboratories Ltd shares gained 1.2 percent on hopes of increased market share of a key anti-hypertension generic drug after a second plant operated by its competitor Wockhardt Ltd was hit by the U.S. Food and Drug Administration’s “import alert”. IDFC Ltd,a contender for a banking licence by India’s central bank,gained 1.4 percent after salt-to-software conglomerate Tata Sons withdrew its application for an Indian banking licence. Tata’s withdrawal could increase chances of IDFC obtaining a banking license,traders said.

Apollo Tyres Ltd rose 4.5 percent as some investors were buying call options of December series at 90 rupees on hopes its takeover bid for U.S.-based Cooper Tire & Rubber Co will fail,multiple traders said. Shares of sugar companies rebounded after Food Minister K.V. Thomas said the government could give financial aid to sugar mills to help them pay farmers higher prices for cane,as surplus production pusheed retail prices ever lower. Bajaj Hindusthan Ltd rose 4.2 percent after earlier falling a percent,while Shree Renuka Sugars Ltd gained 1.7 percent and Balrampur Chini Mills Ltd ended higher 1.2 percent.Among stocks that fell,Nestle India Ltd lost 3.8 percent after the company in a statement to exchanges denied any plans by its parent to increase stake the Indian unit.

FACTORS TO WATCH

* Rallying stocks hurt yen,euro awaits German inflation

* Brent above $111; supply worries offset higher US stocks

* Stronger U.S. data spurs world shares,yen falls

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