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BSE Sensex advances as metal makers, auto gain

The S&P BSE Sensex Index rose 0.2 per cent to 31,262.09 at the close in Mumbai

Santanu Chakraborty  |  Mumbai 

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advanced, paring the first weekly loss in the country’s equity since early May, led by metal makers and automobile firms.

The S&P rose 0.2 per cent to 31,262.09 at the close in Mumbai. Maruti Suzuki India and Tata Steel were the top gainers on the weighed the most, falling 0.8 per cent after The Times of India reported a group of founders is exploring the sale of their entire stake of about 13 per cent. Rival declined 1.6 per cent.

The Sensex, one of Asia's best-performing gauges this year, posted its first weekly loss in five. The 50 rose 0.2 per cent.

"The market is due a pause or correction in the short term," Laurence Balanco, a technical analyst with CLSA Asia Pacific Markets, said in a report to clients. "However, due to the bullish long-term profile for the Nifty, any short-term weakness back should be seen as an attractive buying opportunity."

Goldman Sachs Group Inc is also calling for an increase in the Nifty, raising its 12-month target for the by four per cent. Improving corporate profits will help push the Nifty to 10,400, analysts led by Nitin Chanduka wrote in a note.

First Published: Sat, June 10 2017. 01:12 IST