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Sensex rises before data on economy

February 1, 2014

Indian stocks rose, led by property developers and banks, as the benchmark index ended five days of losses before the release of economic data and earnings reports. Oberoi Realty Ltd had the biggest weekly gain after the Supreme Court overruled a Bombay High Court order that plots of land owned by the company in Mumbai were a "private forest." ICICI Bank Ltd. climbed 1.4 per cent, helping a gauge of lenders to its first advance in seven days. Tata Steel Ltd was the top performer on the S&P BSE Sensex on Friday. The Sensex added 0.1 per cent to 20,513.85 at the close after changing directions 25 times. The gauge fell 3.1 per cent this month, the worst performance since August, after increases in interest rates by emerging-market central banks failed to stem currency losses and the US Federal Reserve cut stimulus. The government is due to release economic growth data for the year to March and fiscal deficit figures for December on Friday. Fourteen of the 18 Sensex companies that have reported earnings for the December quarter so far have beaten analyst estimates. The CNX Nifty Index on the National Stock Exchange of India Ltd rose 0.3 per cent to 6,089.50. ICICI Bank Ltd gained 1.4 per cent to Rs987.7 . State Bank of India increased 0.5 per cent, the most in a week. Axis Bank added 1.3 per cent. The S&P BSE India Bankex Index gained 0.8 per cent, ending six days of losses. Tata Steel rose for the first time in three days. Hindalco Industries Ltd climbed 1.3 per cent. Sesa Sterlite Ltd , India's biggest zinc and aluminium maker, increased 0.6 per cent. Mahanagar Telecom Nigam Ltd surged 7.2 per cent, the most in three weeks. Reliance Communications Ltd jumped 6.2 per cent while Idea Cellular Ltd added 2.2 per cent. Bharti Airtel Ltd , the nation's largest mobile-phone carrier, rallied 2.1 per cent to a two-week high. Global investors sold a net $407 million of local shares this week, data show.


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Source: Khaleej Times (United Arab Emirates)


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