Business Standard

Markets firm up ahead of reforms to boost economy

Broader markets outperform

Read more on:    Markets | Sensex | Nifty | Rbi
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edged higher in the late morning trades as Rupee staged a sharp recovery ahead of the policy measures to strengthen rupee and economy which are to be announced later in the day. Also, the strength in RIL and banks helped the markets inch northward. The BSE benchmark index gained 144 points at 17,116 and the added 43 points at 5,189.

So far, the has touched a high of 17,131 and a low of 17,023.

The rupee was trading 66 paise up at 56.46 against the dollar in a sharp recovery on fresh selling of the American currency by banks ahead of expected measures from government today to arrest the rupee's decline.

In the broader markets, the smallcap and the midcap indices advanced 1% each outperforming the Sensex which gained 0.8%. In the smallcap space, 406 stocks advanced as compared to 85 declines and in the midcap index, 211 scrips gained while 33 scrips declined.

Meanwhile, Moody's Investors Service maintained a stable outlook on India's Baa3 rating as problems such as slower growth and higher inflation were long-standing and already factored into the outlook.

The Asian markets were mixed as euro zone policymakers appeared no closer to resolving the region's debt crisis heading into another European summit this week. Kospi Composite down 1% followed by Taiwan Weighted, Straits Times, Nikkei and Shanghai Composite which lost between 0.4-0.6%

Back home, buying interest was visible across the sectors except IT which turned flat with a negative bias. Realty index rose for the second consecutive day, up nearly 2%. Consumer Durables, Bankex, Metal, Power and Capital Goods were some of the other counters which gained 1% each.

The top gainers among the Sensex pack included Maruti Suzuki, Gail India, ICICI Bank, Tata Power, Coal India and SBI up 2% each. Index, heavyweight, Reliance Industries gained 1% after trading in the red for the last two sessions.

IT scrip Infosys down 0.1% each was the only loser among the Sensex stocks.

The market breadth was positive owing to the strong broader markets. 1,692 stocks advanced while 623 stocks declined on the BSE.

Among individual stocks, Natco Pharma tanked over 10% at Rs 335 after the company said US District Court for the Southern District of New York has upheld the contention of Teva Pharmaceuticals that company’s abbreviated new drug application for generic version of Copaxone infringes all the asserted claims of Teva Pharmaceuticals.

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