Business Standard

Sensex at 12-week closing high metals, autos gain

Related News

The rebounded in late trade on Wednesday to post its highest close in 12 weeks, as metal producers and auto makers jumped, although investors were doubtful the rally could be sustained after a rise of nearly 12 per cent so far this year.

Auto makers rose on better-than-expected January sales. Top carmaker gained 2.4 per cent to its highest close in five and a half months after it reported its first monthly sales rise since May last year.

No 2 lender fell 1.4 per cent after surging nearly six per cent in the previous session. Top mortgage lender Housing Development Finance Corp fell 1.3 per cent after private-equity firm was said to have sold a quarter of its stake in the company.

The main 30-share index rose for a second straight day to close 0.62 per cent, or 107.03 points higher at 17,300.58, with 19 of its components rising. It was the index’s highest close since November 9.

“I think February is going to be difficult,” said Gajendra Nagpal, chief executive of Unicon Financial Intermedi-aries in New Delhi.

“One must also take into account that stock valuations are becoming reasonably expensive. Also, there are things like the elections and the budget,” he said.

The benchmark posted its best January rise in 18 years, rallying 11.3 per cent on a surge in foreign fund investments, after losing nearly a quarter of its value last year.

Foreign funds have been net buyers of about $2 billion of shares in January, compared with net outflows of about $500 million last year.

Elections in five states, including in key states Uttar Pradesh and Punjab, end in early March. A good showing in the state elections would be a boost for the Congress party that runs the federal government and would help revive stalled policy reforms.

Read more on:   
|
|
|
|
|
|
|

Sensex at 12-week closing high metals, autos gain

The Sensex rebounded in late trade on Wednesday to post its highest close in 12 weeks, as metal producers and auto makers jumped, although investors were doubtful the rally could be sustained after a rise of nearly 12 per cent so far this year.

The rebounded in late trade on Wednesday to post its highest close in 12 weeks, as metal producers and auto makers jumped, although investors were doubtful the rally could be sustained after a rise of nearly 12 per cent so far this year.

Auto makers rose on better-than-expected January sales. Top carmaker gained 2.4 per cent to its highest close in five and a half months after it reported its first monthly sales rise since May last year.

No 2 lender fell 1.4 per cent after surging nearly six per cent in the previous session. Top mortgage lender Housing Development Finance Corp fell 1.3 per cent after private-equity firm was said to have sold a quarter of its stake in the company.

The main 30-share index rose for a second straight day to close 0.62 per cent, or 107.03 points higher at 17,300.58, with 19 of its components rising. It was the index’s highest close since November 9.

“I think February is going to be difficult,” said Gajendra Nagpal, chief executive of Unicon Financial Intermedi-aries in New Delhi.

“One must also take into account that stock valuations are becoming reasonably expensive. Also, there are things like the elections and the budget,” he said.

The benchmark posted its best January rise in 18 years, rallying 11.3 per cent on a surge in foreign fund investments, after losing nearly a quarter of its value last year.

Foreign funds have been net buyers of about $2 billion of shares in January, compared with net outflows of about $500 million last year.

Elections in five states, including in key states Uttar Pradesh and Punjab, end in early March. A good showing in the state elections would be a boost for the Congress party that runs the federal government and would help revive stalled policy reforms.

image

Read More

M&M gains on post February sales numbers

The company reported 11% year-on-year growth in its auto sales numbers at 47,824 units in February 2013.

Recommended for you

Advertisements

Quick Links

Market News

Basmati rice acreage to go up despite lower realisation last year

Farmers overlook deterrents due to higher returns from basmati crop

Soybean sowing may remain muted this kharif season

Despite massive stock, bean prices at the benchmark Indore mandi are trading at Rs 3,978 a qtl as against Rs 3,403 a qtl in March

Unabated Chinese exports keeping world aluminium prices low

India is a net exporter of bendy metal aluminium, what with large new capacities getting commissioned in the face of nil-demand growth

Stock market investors seeking astro predictions grow by 17%

GaneshaSpeaks.com says quality astrology services are gaining popularity among traders and investors

1 year of Modi govt: Ambanis down in stock market, Adani up

Other major corporates having added to their stock market valuations include Birlas, Mahindras, ICICI and Infosys

 

Back to Top