Indian Market Ends Modestly Higher The Indian market ended a volatile session modestly higher on Friday, with TCS, Tata Motors andICICI Bank leading the gains. After fluctuating between gains and losses, the 30-share BSE Sensexended up about 50 points or 0.26% at 17,956, with 17 of its components closing higher.
TCS soared over 6% after announcing forecast-beating first-quarter earnings. HCL Technologies rallied 4.39%, Wipro edged up marginally and Infosys rose 0.70%. Mid-tier software stocks like Mphasis (up 1.54%), Rolta India (down 0.33%) and Patni Computer Systems (down 0.59%) closed on a mixed note.
Tata Motors advanced 2.65% after reporting 46% growth in global vehicle sales for June. However, other automakers such as Mahindra & Mahindra, Ashok Leyland, Bajaj Auto and Maruti Suzukiclosed subdued.
The 50-share Nifty added 15 points or 0.28% to end below the 5,400 mark, while the mid-cap and small-cap indexes on the BSE gained 0.44% and 0.66%, respectively. In the broader market, advancing shares outnumbered declining ones by 1604 to 1310 shares.
Elsewhere, most Asian stocks edged lower on Friday, dragging the MSCI Asia Pacific index down by about a percent, after a drop in U.S. factory output and Google's lower-than-expected second-quarter earnings hurt investor sentiment. Weekend profit taking and earnings reports due from the likes of Bank of America, Citigroup and GE Electric also added to the caution.
Japan's Nikkei average fell about 3%, led by exporters, as a stronger yen dampened the earnings outlook for exporters.
European stocks and the U.S. index futures fluctuated despite Goldman Sachs Group Inc.'s settlement of a federal government fraud lawsuit and a rally in BP's shares after it managed to temporarily stem oil flow from its ruptured well in the U.S. Gulf of Mexico.
Back home, Tata Steel slipped 0.41% on reports that critical law and order situation in eastern India due to the Maoist problem is impacting its business. SAIL, Jindal Steel, Hindalco Industries andSterlite Industries were the other decliners in the metal pack.
State-run oil companies ONGC (up 1.32%) and IOC (up 0.92%) closed firm on disinvestment reports. Heavyweight Reliance Industries closed down 0.93%. V. Srikanth, head of markets for South Asia at Citigroup Inc., is joining Reliance Industries as deputy chief financial officer, media reports said.
Sugar stocks like Shree Renuka, Bajaj Hindusthan, Balrampur Chini and Dhampur Sugar rose by 0.2%-2%. Weak monsoon rains thus far this year will not significantly hurt crop output in the country, Agriculture Minister Sharad Pawar said.
Jet Airways, which reportedly entered into a code sharing agreement with Kenya Airways, to enable passengers travel on each other's flights, ended down 0.29%.
In the banking sector, ICICI Bank rose 2.32%, SBI edged up marginally and Axis Bank gained 1.05%, while HDFC Bank ended down 1.24%. Dhanalakshmi Bank, rechristened as Dhanlaxmi Bank?, edged down 0.38% on equity dilution worries.
Aarti Drugs rose 0.55% after it resumed operations at its Valsad unit. NMDC and Sesa Goa rose modestly on speculation that a ban on iron ore exports is unlikely.
Everonn Education climbed over 13% after it convened a board meet on July 19 to consider issuing redeemable optionally convertible debentures to persons not forming part of promoter group. Other education-related stocks like Aptech, NIIT, Educomp and Navneet Publications gained between 1.7% and 3.3%.
Castrol India gained 0.60% on reporting a 17% rise in June-quarter net profit. BASF India (up 0.32%), South Indian Bank (up 2.15%), Chambal Fertilizer (up 1.52%) and UTV Software Communications (up 7.94%) advanced after posting better-than-expected quarterly earnings. Honeywell Automation plunged nearly 7% on disappointing results
Diamond Power Infrastructure rose 2.21% on winning a Rs.332-crore contract. IL&FS Transportation Networks added 1.89% on securing a Rs.536 crore NHAI project. Technofab Enggrallied 23% on its debut. DCM Shriram Industries fell 2.54% on going ex-dividend for a Rs.3 dividend per share.
European stocks and the U.S. index futures fluctuated despite Goldman Sachs Group Inc.'s settlement of a federal government fraud lawsuit and a rally in BP's shares after it managed to temporarily stem oil flow from its ruptured well in the U.S. Gulf of Mexico.
Back home, Tata Steel slipped 0.41% on reports that critical law and order situation in eastern India due to the Maoist problem is impacting its business. SAIL, Jindal Steel, Hindalco Industries andSterlite Industries were the other decliners in the metal pack.
State-run oil companies ONGC (up 1.32%) and IOC (up 0.92%) closed firm on disinvestment reports. Heavyweight Reliance Industries closed down 0.93%. V. Srikanth, head of markets for South Asia at Citigroup Inc., is joining Reliance Industries as deputy chief financial officer, media reports said.
Sugar stocks like Shree Renuka, Bajaj Hindusthan, Balrampur Chini and Dhampur Sugar rose by 0.2%-2%. Weak monsoon rains thus far this year will not significantly hurt crop output in the country, Agriculture Minister Sharad Pawar said.
Jet Airways, which reportedly entered into a code sharing agreement with Kenya Airways, to enable passengers travel on each other's flights, ended down 0.29%.
In the banking sector, ICICI Bank rose 2.32%, SBI edged up marginally and Axis Bank gained 1.05%, while HDFC Bank ended down 1.24%. Dhanalakshmi Bank, rechristened as Dhanlaxmi Bank?, edged down 0.38% on equity dilution worries.
Aarti Drugs rose 0.55% after it resumed operations at its Valsad unit. NMDC and Sesa Goa rose modestly on speculation that a ban on iron ore exports is unlikely.
Everonn Education climbed over 13% after it convened a board meet on July 19 to consider issuing redeemable optionally convertible debentures to persons not forming part of promoter group. Other education-related stocks like Aptech, NIIT, Educomp and Navneet Publications gained between 1.7% and 3.3%.
Castrol India gained 0.60% on reporting a 17% rise in June-quarter net profit. BASF India (up 0.32%), South Indian Bank (up 2.15%), Chambal Fertilizer (up 1.52%) and UTV Software Communications (up 7.94%) advanced after posting better-than-expected quarterly earnings. Honeywell Automation plunged nearly 7% on disappointing resultsDiamond Power Infrastructure rose 2.21% on winning a Rs.332-crore contract. IL&FS Transportation Networks added 1.89% on securing a Rs.536 crore NHAI project. Technofab Enggrallied 23% on its debut. DCM Shriram Industries fell 2.54% on going ex-dividend for a Rs.3 dividend per share.
No comments:
Post a Comment