BSE Sensex, NSE Nifty close flat, but end at nearly 3-yr high, L&T stock in top gainers list

Oct 21 2013, 19:21 IST
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BSE Sensex rose 0.05 percent and the broader NSE Nifty gained 0.25 percent. AP BSE Sensex rose 0.05 percent and the broader NSE Nifty gained 0.25 percent. AP
SummaryBSE Sensex, NSE Nifty near all-time highs; L&T stock jumps as company maintained revenue growth forecast.

BSE Sensex rose on Monday to their highest in nearly three years as Larsen & Toubro (L&T) stock emerged as top stock gainer after surging post-revenue guidance for this fiscal year, while sentiment was also boosted as foreign institutional investors (FIIs) remained net buyers for an eleventh consecutive session. Market trends put Jindal Steel stock in the top losers list.

*Stocks: Top Gainers/Top Losers

FIIs bought Indian shares worth 17.24 billion rupees on Friday, marking their biggest single-day buying in over a month, and bringing the total to 92.82 billion Indian rupees ($1.52 billion) in eleven sessions, regulatory data show.

Gains also tracked global shares that rose to five-year highs as investors looked ahead to a deluge of U.S. data for clues on when the Federal Reserve will begin scaling back its stimulus.

Sensex October 21

Traders say so far foreign flows and better-than-expected quarterly earnings have offset concerns that the Reserve Bank of India might raise interest rates in its next monetary policy review on Oct. 29.

"Surprisingly FII money is coming despite industry deceleration. There are a lot of questions and concerns on macro but so far the answer has been only liquidity," said G. Chokkalingam, managing director and chief investment officer at Centrum Wealth Management.

RBI cutting short term liquidity rates has been a silver lining as well, added Chokkalingam.

The benchmark BSE index rose 0.05 percent, or 11 points, to end at 20,893.89, its highest close since November 2010.

The broader NSE Nifty rose 0.25 percent, or 15.60 points, to end at 6,204.95, closing above the psychologically important 6,200 level.

Larsen and Toubro Ltd shares surged 6.1 percent after it maintained its revenue growth forecast of 15 percent for the current fiscal year to March, after reporting on Friday a 7 percent annual rise in recurring net profit for the three months to Sept. 30.

Housing Development Finance Corp Ltd (HDFC Ltd) rose 0.2 percent, after earlier falling as much as 1.9 percent after it said its September-quarter net profit rose by 10 percent to 12.66 billion rupees.

Sensex October 21

Zee Entertainment Enterprises Ltd rose 5.4 percent after it said its September-quarter consolidated net profit rose by 25.5 percent to 2.36 billion rupees, beating some analysts estimates.

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