BSE Sensex rises nearly 42 pts,HDFC Bank,Infosys Ltd and Tata Power share prices surgehttps://indianexpress.com/article/business/market/bse-sensex-rises-nearly-42-pts-hdfc-bank-infosys-ltd-and-tata-power-share-prices-surge/

BSE Sensex rises nearly 42 pts,HDFC Bank,Infosys Ltd and Tata Power share prices surge

BSE Sensex edged up as blue chip share prices like Narayana Murthy-led Infosys Ltd extended rally.

The BSE benchmark Sensex today inched up by nearly 42 points on buying in HDFC Bank,Infosys Ltd and Tata Power,amid expiry of monthly equity derivatives.

Midcap and smallcaps continued to outperform bluechip indices on the back retail investor interest,said traders.

The BSE Sensex,which had lost 68.32 points in the previous session,recovered by 41.88 points,or 0.20 per cent,to end at 21,074.59,after touching the day’s high of 21,135.85.

Markets Top Gainers,Markets Top Losers

In the BSE Sensex,14 stocks gained and 15 declined,while ICICI Bank share price remained unchanged in percentage term.

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On similar lines,the broad-based National Stock Exchange index NSE Nifty rose by 10.50 points,or 0.17 per cent,to 6,278.90 led by power,consumer durables and banking scrips.

SX40 index of MCX Stock Exchange rose 23.10 points to end at 12,533.26.

Quote: Multi Commodity Exchange of India Ltd (MCX)

Brokers said funds were seen covering their pending long positions on the last settlement in monthly equity derivatives segment of calendar year 2013.

The absence of foreign funds from the market due to year-end holidays affected trading volumes,they added.

Power-related stocks,led by Tata Power that shot up by 4.06 per cent,saw heavy buying. Reliance Power (1.40 per cent) and BHEL (1.33 per cent) were among notable winners.

Sectorally,the BSE Power sector index gained the most by rising 1.06 per cent,followed by Consumer Durable index (0.88 per cent),Banking index (0.53 per cent) and Metal index (0.50 per cent),among others.

The BSE Midcap and Smallcap indices went up by 0.41 and 1.15 per cent respectively.

Sugar stocks rose after government today okayed modalities for the beleaguered industry to avail interest-free loans to the tune of Rs 6,600 crore from banks for effecting timely payment to cane growers.

Mutual Funds: Top Profit-making Schemes

HIGHLIGHTS

* BSE index gains 0.2 percent; Nifty ends up 0.17 percent

* FIIs buying lifts sentiment in low-volume trade

* Mkts to trade range-bound in short- to medium-term: Analyst

Indian shares gain on fund buying

(Reuters) – Indian shares edged up on Thursday as blue chips from Infosys to BHEL extended a rally on continued strong buying by foreign investors,although volumes were thin in a holiday-shortened week.

Foreign institutional investors (FIIs) have been net buyers in almost every session so far this month,bringing their net purchases to around $2.4 billion in December and of nearly $20 billion for the calendar year.

The gains came even after the Federal Reserve last week announced the start of a gradual scaledown in bond purchases.

Still,analysts warned that continued concerns about the domestic economy,which is stuck in what some analysts call a stagflationary environment of low growth but high inflation,could cap broader gains.

“We expect markets to trade range-bound in the short- to medium-term. Investors need to take a balanced approach as on one hand,we have concerns over inflation and growth but improving (current) account deficit numbers and expectation of further policy reforms are positive,” said Dipen Shah,head of private client group research at Kotak Securities.

“We advise clients to be selective and get into good defensive stocks in the consumer or technology sector.”

The benchmark BSE index closed up 0.2 percent at 21,074.59,while the broader NSE index ended higher 0.17 percent at 6,278.90.

Blue chips were among the leading gainers,with Infosys Ltd rising 1 percent,bringing its advance for the month to 5 percent after hitting a record high on Friday.

Some laggards earlier in the year are also ending 2013 strongly. Bharat Heavy Electricals Ltd gained 1.1 percent and is up 11.8 percent so far in December,heading for a fourth consecutive monthly gain.

Meanwhile,state-run oil marketing companies gained after media reports,including newspaper Business Standard,said the petroleum and natural gas ministry was planning to propose a hike of 5 rupees in diesel prices..

Shares of Indian Oil Corp rose 0.7 percent,while Bharat Petroleum Corp gained 1.9 percent.

Axis Bank gained 1.1 percent after the federal cabinet approved raising foreign investment limit to 62 percent from 49 percent..

Shares in Adani Power Ltd gained 3.13 percent after the company said its board approved the demerger of transmission line business..

FACTORS TO WATCH

* Dollar firm on US recovery hopes,hits 5-year high vs yen

* Brent steadies below $112,holds near 3-wk high on supply woes

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* Equities up,aided by U.S. manufacturing data; dollar higher

* Foreign institutional investor flows