Markets snap 3-day losing streak

The markets closed in the green after three successive downtick days as a result of gains in European stocks and higher US index futures. After shaving off 312 points over the previous three days, the Sensex added 35 points higher at 16,912 and the Nifty put on 9 points at 5042. The IT, metal and auto counters exhibited strength on a day of modest gains.

The European indices edged up around 1% and the Dow futures were trading marginally higher ahead of the Fed meeting and data on US consumer prices later in the day. The US markets snapped a four-day winning streak overnight as an inflation report led to interest rate fears. The Dow closed down 49.05 points and Nasdaq shed 11.05 points. Asian stocks ended mixed.
 
Exports arrested their 13-month decline to grow 18 per cent in November at $13.2 billion (Rs 61,800 crore) against $11.16 billion (Rs 52,250 crore) in the same month last year.

The exports of petroleum products reached $2.4 billion (Rs 11,240 crore) in November against $1.3 billion (Rs 6,100 crore) in the same month last year, whereas gems and jewellery exports topped $2.15 billion (Rs 10,070 crore) from $1.6 billion (Rs 7,500 crore).

The total exports for April-November were $104.25 billion (Rs 4.9 lakh crore), a fall of 22.3 per cent from $134.2 billion (Rs 6.3 lakh crore) in the corresponding period of the last  financial year.

The growth in exports was mainly a result of last year's low base and does not indicate a surge in demand for Indian goods in the international markets, Union commerce secretary Rahul Khullar emphasized.

The leading gainers on the Sensex were Tata Motors (stronger by Rs 21 or 3% at Rs 709), M&M (higher by Rs 29 or 2.8% at Rs 1046) and Bharti Airtel (up Rs 8 or 2.8% at Rs 325). Tata Steel, Wipro and TCS also ended strong.

Bharti Airtel gained on reports that it was buying a 70% stake in Bangladesh's fourth-biggest telecom company Warid Telecom for $900 million.

Among the losers, Jaiprakash Associates weakened by Rs 4 or 2.3% at Rs 217, SBI ended lower by Rs 28 or 1.2% at Rs 2152 and ITC closed down by Rs 2 or 1% at Rs 249.

The market breath was neutral. Out of 2890 stocks traded on the BSE, there were 1418 advancing stocks as against 1382 declines.

Orchid Chemicals topped the value charts on the BSE with a turnover of Rs 195.96 crore, followed by Tata Steel (Rs 178.17 crore), SBI (Rs 147.62 crore), ICICI Bank (Rs 118.21 crore) and Suzlon (Rs 88.17 crore).

Suzlon led the volume charts with trades of 11.07 million hares. It was followed by IFCI at 11.05 million, Unitech at 7.71 million shares, Ispat at 4.19 million shares and Tata Steel at 3.23 million shares.