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Sensex up 161 points in early trade

Sensex gained nearly 161 points in early trade on sustained buying by funds.

The BSE benchmark index Sensex today gained nearly 161 points in early trade on sustained buying by funds and retailers amid a firming trend in the Asian region.

The 30-share barometer added 160.74 points,or 0.87 per cent,to 18,722.44 with stocks of realty,auto,banking and healthcare sectors leading the rise.

The index had gained over 130 points in the previous two sessions.

The wide-based National Stock Exchange index Nifty moved up by 44.85 points,or 0.79 per cent,to 5,689.90.

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Brokers said the trading sentiment remained firm on continued buying by funds and retail investors largely on encouraging earnings and a firming trend in the Asian region,tracking Wall Street’s gains on strong US economic data.

Stocks of Wipro shot up by 1.44 per cent to Rs 366.60 after the company reported a jump of 23.8 per cent in consolidated net profit for the second quarter.

In the Asian region,Hong Kong’s Hang Seng rose by 1.02 per cent,while the Japan’s Nikkei by 1.31 per cent in early trade today. The US Dow Jones Industrial Average ended 1.04 per cent higher yesterday.

GLOBAL MARKETS ROUND UP

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Nifty futures on the Singapore Exchange rose 0.6 percent. The MSCI-Asia Pacific index excluding Japan is up 0.6 percent.

The S&P 500 scored its best day in seven weeks on Thursday on bullish consumer confidence and private-sector jobs data.

Asian shares rose on Friday as investor risk appetite returned after overnight data suggested some stabilisation in the global recovery trend,particularly in the world’s top two economies,the United States and China.

FACTORS TO WATCH

India’s foreign reserves,bank lending data (1130 GMT)

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Earnings on Friday: Crompton Greaves,Apollo Tyres,Jet Airways,Union Bank of India .

TOP NEWS

Wipro Ltd beat forecasts with a 24 percent rise in quarterly profit,helped by a surge in outsourcing demand as Western clients look to cut costs in an uncertain economic environment.

Finance minister P Chidambaram urged his ministerial colleagues to immediately take belt tightening measures to stave off a fiscal crisis which could turn India into junk grade on creditworthiness.

ENERGY/COMMODITIES

Reliance Industries Ltd has cut its estimate of gas reserves in the D6 block off India’s east coast by about two-thirds to 3.4 trillion cubic feet (tcf),the oil ministry said.

The office of the Comptroller and Auditor General of India said it would have unfettered right of access to all records of Reliance Industries during its audit of operations in the Krishna-Godavari basin and would override any conditions sought to be imposed on the process.

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The government put on hold the 26.5 rupees increase in price of cooking gas cylinders that consumers buy beyond their quota of six subsidised bottles,an unnamed top oil company official said.

ArcelorMittal has been allotted 2,569 acres in the state of Karnataka,where it proposes to set up a six-million tonne steel plant at an investment of 300 billion rupees.

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Steel Authority of India said it will expand its production capacity to 18 million tonnes from the existing 14 MT by the end of current financial year.

BGR Energy’s July-September net profit fell 32.4 percent to 347.3 million rupees from a year ago.

FINANCIAL/REGULATORY

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State Bank of India has ruled out any cut in its lending rates due to steep hike in the provisioning for restructured standard assets,an unidentified senior bank official said.

The Reserve Bank of India has urged the government to further liberalise foreign direct investment norms by doing away with most sectoral caps in order to cut reliance on investment flows to fund India’s record high current account deficit.

TELECOMS

A panel of Indian ministers says telecom operators fighting the withdrawal by government of high quality airwaves will be allowed to keep some of their spectrum holdings,according to a government official.

Market leaders Bharti Airtel and Vodafone’s India unit will be hit hardest by the replacement of 900 MHz band spectrum by lower quality 1800 Mhz band capacity.

AUTOS

Hyundai Motor Co’s Indian unit will invest $300 million in a new engine plant and metal pressing shop,the company said on Thursday,to expand in the country’s fast- rowing diesel car segment.

Hero MotoCorp’s October sales rose 3.3 percent to 529,215 vehicles from a year ago. AIRLINES

Hong Kong-based investment firm Bravia Capital is eyeing investment opportunities in Indian airline companies,said managing director Hal Hayward.

I am here. We’ve been watching the Indian market for quite some time. We have been talking to the airlines and we have a pretty consistent interest in the market. We are looking for opportunity and feel that there would be an investment definitely,Hayward was quoted as saying.

RETAIL

Tata Global Beverages has dropped its plan to foray into the food segment,Business Standard reported,citing a conversation with managing director Harish Bhat.

We are a natural beverages company and our focus will be on tea,coffee and water,Bhat was quoted as saying by the newspaper.

First published on: 02-11-2012 at 09:44 IST
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Wipro Q2 net profit rises 24%

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