Sensex closes 95 pts up on FII inflows

Bajaj Auto jumped 6.18 per cent following yesterday8217;s posting of over 19 per cent gain in Q3 net profit.

Besides,Sensex8217;s leading heavyweights RIL and ICICI also made strong gains. However,ITC slumped 3.59 per cent on profit-booking.

The BSE 30-scrip index opened with gains and moved between 16,788.48 and 16,611.71 before closing at 16,739.01 8212; up 95.27 points or 0.57 per cent over yesterday when it had gained 192 points.

Similarly,the 50-issue NSE index Nifty rose 30.20 points,or 0.60 per cent to 5,048.60.

Stocks have been on the upswing also on account of heavy FII buying as falling inflation has raised investor hopes that RBI may start cutting lending rates,possibly from next week8217;s monetary review meeting.

8220;December quarter results are driving stock specific movements. While Bajaj Auto moved up after strong numbers,ITC dropped on concerns about moderating growth. Banks held their fort ahead of the RBI policy meet. Expectation of monetary easing are surely building up in the stock prices,8221; said Milan Bavishi Research Head Inventure Growth and Securities.

Analysts also said market sentiment was supported by gains in Asian stocks amid hopes that the euro-zone debt crisis may be moving towards a resolution,and strong earnings posted by US banks.

Key indices in Hong Kong,Singapore,China,South Korea and Japan gained up to 1.82 per cent.

However,markets in Europe were a little weak in the afternoon as indices in UK,Germany and France were down by up to 0.48 per cent.

Meanwhile,FIIs,the main market movers that have pumped in about USD 1 billion so far this year in Indian equities,bought shares worth Rs 626.14 crore yesterday,as per provisional data from the stock exchanges.

The leading Sensex gainers were: ICICI Bank 5.81 per cent,Jindal Steel 3.35 pc,BHEL 3.09 pc,Hero Motoco 2.63 pc,SBI 2.55 pc,Wipro 2.38 pc,NTPC 1.72 pc,DLF 1.66 pc,ONGC 1.21 pc,Tata Power 1.16 pc,Cipla 1.07 pc,Gail 1.07 pc and RIL 1.04 pc.

However,Mamp;M declined 2.67 pc,followed by Maruti Suzuki 8212; 2.62 pc,Hindalco 8211; 1.98 pc,Coal India 8211; 1.86 pc and Sterlite 8211; 1.13 pc.

The total turnover at BSE rose to Rs 2,948.20 crore from yesterday8217;s level of Rs 2,509.13 crore.

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PREOPEN: Sensex seen higher; Wipro,Reliance in focus

Indian shares are expected to open higher on Friday after strong earnings by US banks boosted global markets.

Wipro will be in focus after the No. 3 Indian software services exporter reported a 10.4 per cent rise in December quarter profit,almost in line with market expectations.

Energy conglomerate Reliance Industries will also be on the radar ahead of its quarterly earnings expected after market hours. Reliance is expected to report its first drop in quarterly profit in more than two years,as refining margins narrow and gas output from its offshore fields slows down.

Reliance,which saw its stock sliding by more than a third in 2011,is also set to take a decision on its first share buyback since 2005,seeking to boost the share price.

The stock has risen 7.7 per cent in last two sessions after the company said its board would consider a share buyback.

By 0158 GMT,the MSCI8217;s broadest index of Asia Pacific shares outside Japan was up 0.35 per cent,while the Nifty India stock futures in Singapore were up 0.5 per cent,indicating a higher start for the Indian market.

The 30-share BSE index rose 1.2 per cent on Thursday to 16,643.74,its highest close since Dec. 7.

STOCKS TO WATCH

Hero MotoCorp may rise after the top Indian motorcycle maker posted a 43 per cent rise in quarterly net profit.

SKS Microfinance will be watched after a top official said the company hopes to turn to profit by April-June after a third straight quarterly loss in FY12,on better recoveries and greater reach beyond Andhra Pradesh state.

KNR Constructions Ltd is likely to rise after the company said it has received an order worth Rs 2.07 billion.

FACTORS TO WATCH

Euro cheered by Spain8217;s debt auction; China data next

Brent crude rises on euro zone optimism

Shares gain as Europe funding worries recede

Wall St rises on bank results,but Google sinks late

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