News Column

Sensex fails to maintain initial gains, up by mere 29 pts

February 11, 2014


Mumbai: In a lacklustre trade, the S&P BSE benchmark Sensex failed to maintain initial gains, still ending higher by 29 points on buying enquiries mainly in key heavyweights on the back of higher global cues.

IT, Auto, Teck and consumer durable sector attracted good buying interest while shares from power, realty and oil & gas segments fell due to profit-booking from operators.

Tata Motors ended UP by 2.83 per cent after the company's Q3 reported an almost three-fold increase in consolidated net profit, driven by its British arm Jaguar Land Rover.

However, petrochem giant and among the top heavyweight, Reliance Industries (RIL) dropped by 1.96 pct after Delhi Chief Minister Arvind Kejriwal ordered filing of criminal cases against the company's chief Mukesh Ambani and others on alleged irregularities in gas pricing.

The Sensex opened higher and remained in positive terrain throughout the day in a narrow range before before settling at 20,363.37, showing a gain of 29.10 points of 0.14 per cent.

The NSE 50-share CNX Nifty also moved up by 9.25 points or 0.15 per cent to end at 6,062.70.

Meanwhile, country's exports increased 3.79 pct while imports declined 18.07 pct in January, helping the trade deficit to narrow following drop in gold and silver imports.

Asian stocks ended higher before US Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy later in the global day. Key indices in China, South Korea, Singapore, Hong Kong and Taiwan ended higher by 0.39 pct to 1.78 pct.

European markets were also trading higher as indices in France, Germany and Uk moved up by 0.66 pct to 1.02 pct.

Foreign Institutional Investors (FIIs) sold shares worth a net Rs455.18cr yesterday, according to provisional data issued by the stock exchanges.

Jignesh Chaudhary, head of research, Veracity Broking Services (India) said, "It was a dull trading day in Indian equity markets which trade range bound. But most of the day it moved in positive zone, buoyed by better trade data (CAD) which came down to $9.92 billion from $10.14 billion in December 2013 supported by growing exports and decrease in Gold imports which has come down by almost 77 pct. Good rise in Tata Motors, Infosys, TCS, ONGC, ICICI Bank, Tata Steel helped the market to trade in the Green Zone."

In all 15 scrips from the 30-share sensex-pack closed in the green while others ended in the red. Other major gainers were Tata Steel 2.00 pct, ONGC 1.40 pct, HDFC 1.17 pct, ICICI Bank, 1.00 pct and Infosys 0.77 pct.

However, NTPC dipped by 2.21 pct, Hindalco 2.01 pct, Hero MotoCorp 1.83 pct and Maruti Suzuki 0.82 pct.

Among S&P BSE Sectoral indices, IT rose by 0.99 pct, Auto by 0.77 pct and Teck by 0.74 pct while Power declined by 1.02 pct and Oil&Gas by 0.58 pct.

The overall market breadth was negative with 1,370 stocks losing ground while 1,266 that finishing with gains.

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Source: Times of Oman

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