The BSE Sensex rose for the second session
The BSE Sensex rose for the second session and gained 0.4% on Thursday on late buying in banks and software companies after global markets erased some of their losses.
Bank shares climbed as investors placed bets on their long-term prospects in an advancing economy while export-oriented software companies gained on hopes of improving order flow. The 30-share BSE Index closed 0.41% or 69.63 points higher at 17,167.96, after fluctuating through the day.
“Market will consolidate for a while, after the run up we saw post the budget,” said VK Sharma, head of private broking and wealth management at HDFC Securities.
“It is waiting for a trigger and IIP data should provide more cues,” added Mr Sharma, pointing to industrial output data for January which is due by mid-day on Friday.
According to the latest data, foreigners poured more than $2 billion into Indian equities in seven sessions to March 9, with fresh equity issuance taking a share.
NMDC’s share sale worth up to $2.6 billion opened for subscription on Wednesday, while animation and gaming firm DQ Entertainment’s Rs 128 crore ($28 million) initial public offering which concluded on the same day was subscribed more than 84 times.
“There is more and more evidence that demand for IT services is growing and the larger companies clearly stand to gain,” said Nitin Rakesh, CEO of Motilal Oswal’s asset management business. Infosys is seeing a rise in outsourcing deal flow due to a recovery in the global economy, its chief executive officer Kris Gopalakrishnan said on Wednesday.
SBI rose 0.5% while private-sector lenders ICICI Bank and HDFC Bank gained 1.5% and 0.7%, respectively. HUL declined 4.2% to Rs 228.80. “The pricing war in the detergent segment is hurting the stock,” said Anand Shah, research analyst with Angel Stock Broking.
RIL rose 0.8% to Rs 1,016.55. Tata Steel also shed 0.4% on concerns that rising iron prices may crimp its margins.
In the broader market, decliners outnumbered gainers in a ratio of 1.6:1 in a volume of 352 million shares, lower than that on Wednesday. The NSE Nifty gained 0.3% to 5,133.40.
The MSCI’s measure of Asian markets outside Japan was down 0.24% by 1128 GMT, while the FTSEurofirst 300 index of top European shares fell 0.04%.
Infrastructure and construction firm Man Infraconstruction was listed at Rs 338.60 a share on the Bombay Stock Exchange, up 34.36% compared with its issue price of Rs 252.
The stock closed at Rs 348.25. Fortis Healthcare rose 4.9% to close at Rs 178.35 after the hospital chain agreed to buy 23.9% stake in Singapore’s healthcare provider Parkway Holdings for about $685 million.
News beuro,
- Last Modified: March 12, 2010
- Filed Under: Latest News, MARKETS, NATION, WORLD
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