Business Standard

Nifty ends above 5,900, HDFC Bank & RIL help

NIFTY-INDIA-SENSEX-PARLIAMENT-FDI-VOTE:Nifty ends above 5,900 HDFC Bank, RIL help

Related News

The and gained on Wednesday for the sixth time in seven sessions on hopes the government will muster a majority in on a crucial to allow foreign direct investment in multi-brand retail later in the day.

Shares in organised retailers such as Ltd and rallied on hopes of a favourable vote for the government.

Traders said optimism ahead of the parliament vote, that will pay the way for more reforms, have triggered a rally in mid-cap and small cap indexes and is a sign of structural bullishness in the market.

"Markets remained cautiously optimistic before the eve of the event in the Parliament," said Kaushik Dani, a fund manager at Peerless Mutual Fund.

"Sentimentally, a lot of things are leaning towards what is going to happen today."

The Sensex gained 0.23 percent, or 43.74 points, to end at 19,391.86, its highest close since April 27, 2011.

The broader Nifty rose 0.19 percent, or 11.25 points, to end at 5,900.50 for the first time since April 13 2011, clearing the psychologically important 5,900 level.

Shoppers stop rose 7.53 percent, closing at 464.70, its highest since July 25, 2011, while Pantaloon Retail gained 3.26 percent to end at 237.65, its highest close since September 22, 2011.

State rose 1.44 percent after a senior executive told reporters that the Indian government is looking to infuse 40 billion rupees in the bank.

Other state-run banks that gained were , which rose 3.42 percent and Bank of India , which ended up 2.3 percent.

Tata Motors rose 1.25 percent, buoyed by a Morgan Stanley report which maintained its 'overweight' rating and said it is optimistic of a strong rebound in sales in the January to March quarter.

Property developer Ltd jumped 4.5 percent, posting its biggest gains since October 4 on hopes of a strong pick-up in launches in the second half of FY13, dealers said.

All major tyre makers gained. rose 2.25 percent, Ceat Tyres added 2.6 percent, was up 4.13 percent, while JK Tyres & Industries was 4.4 percent higher.

The gains tracked a fall in the price of rubber, a key raw material which constitutes nearly 40 percent of the production cost of tyres. Rubber futures have fallen 6.4 percent in five previous trading sessions.

However, technology shares fell on fears that Technology Solutions Corp may lower its revenue growth guidance for 2013 based on compensation targets for top executives.

Sentiment was also dampened by Cowen's downgrade of Infosys Ltd to 'neutral' on Tuesday due to fears of a protracted revenue growth recovery.

Infosys ended down 2.25 percent, Ltd fell 1.8 percent and HCL Technology dropped 1.4 percent.

(Editing by Prateek Chatterjee)

Read more on:   
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|

Read More

Two entities fail to make prima facie case to revoke ban: Sebi

The Securities and Exchange Board of India (Sebi) today said the restraining order on two entities, related to plunge in some mid-cap stocks in July, ...

Quick Links

 

Market News

Markets end at record closing highs on rate cut hopes

The total investor wealth in Indian stock market today hit a record high of Rs 100 trillion

Sensex, Nifty end 1% higher led by rate sensitive shares

The Sensex provisionally ended up 221 points at 28,660 and the Nifty ended up 85 points at 8,579

OPEC just gave the world its biggest QE

Falling crude prices is beneficial for most of the economies around the world apart from the ones that are producing them

Taneja Aerospace zooms 20% on signing contract with Indian Air Force

The company has signed a contract worth Rs 12.79 crore with Indian Air Force, Nasik for upgradation of their MIG 29 aircrafts.

Global rubber price below Rs 100 after a gap of 6 years

Bangkok market suddenly plunged by Rs 2 per Kg on Friday when OPEC nations decided to maintain the output at 30 million barrels per day

Back to Top