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:   
|
|
|
|
|
|
|

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.

Quick Links

 

Market News

Restructuring should precede PSU disinvestment

The disinvestment target of the government for 2013-14 is Rs 58,000 cr

Kalyan Jewellers raises Rs 1,200 cr from Warburg Pincus

Company is said to have diluted around 10-12% stake to the PE firm

Pulse prices move up on lower kharif output estimates

Lower kharif production estimates fuel the rise; fall in global output also likely to keep prices up

UP sugar crisis defuses as mills ready to go for cane crushing

Private mills owe farmers Rs 2,500 crore in arrears for the earlier crushing season

FIIs hive off Nifty shares in different baskets

Foreign institutional investors (FIIs), the biggest shareholders outside the promoter group, pared their holdings in almost half of the Nifty ...

Back to Top