BSE Sensex rise 50 points on hopes of better IIP data

Feb 12 2013, 09:57 IST
Comments 0
Sensex snapped its eight-session losing streak and recovered by 50.20 points to 19,510.77. (Reuters) Sensex snapped its eight-session losing streak and recovered by 50.20 points to 19,510.77. (Reuters)
SummarySensex snapped its eight-session losing streak and recovered by 50.20 points to 19,510.77.

The BSE benchmark Sensex today recovered by over 50 points in early trade, snapping its eight-session losing streak, on fresh buying by funds and retailers ahead of industrial output data, amid a firming trend in other Asian bourses.

The 30-share barometer rose by 50.20 points, or 0.26 per cent, to 19,510.77. It had lost nearly 545 points in the past eight sessions.

Similarly, the wide-based National Stock Exchange index Nifty moved up by 9.65 points, or 0.16 per cent, to 5,907.50.

Brokers said expectations of better index of industrial production (IIP) data for December to be released later today and a firming trend on the Asian markets, mainly triggered buying by funds and retail investors.

In the Asian region, Japan's Nikkei was up by 2.42 per cent in early trade. The US Dow Jones Industrial Average ended 0.16 per cent lower yesterday.

Stocks to watch-Feb 12


Nifty futures on the Singapore Exchange fell 0.02 percent. The MSCI-Asia Pacific index, excluding Japan was down 0.05 percent.

The yen hovered near fresh lows against the dollar and Tokyo stocks jumped back towards a 33-month high on Tuesday after comments from a U.S. official appeared to give Japan the green light to pursue policies that weaken yen as long as they help beat deflation.

U.S. stocks ended a quiet session with slight moves on Monday as investors found few reasons to keep pushing shares higher following a six-week advance, though the longer-term trend was still viewed as positive.


December industrial output (around 0530 GMT)

January consumer price inflation (around 0530 GMT)

Earnings: Steel Authority of India Ltd, Oil India Ltd, Hindustan Petroleum Corp Ltd, Jindal Steel and Power Ltd.



Yusuffali MA, who heads the $5.5-billion LuLu group that owns the eponymous hypermarket chain in the Middle-East, would be interested in buying a minority stake in Catholic Syrian Bank Ltd, should he be allowed to by Reserve Bank of India.


Oil and Natural Gas Corp Ltd posted net profit of 55.63 billion rupees ($1.04 billion) for its fiscal third quarter ended December, beating expectations for a 53.7 billion rupees net profit.

Coal India Ltd, Indian Oil Corp Ltd and NHPC Ltd are likely to be the main candidates for disinvestment next fiscal year, government officials said on condition of anonymity as they are not authorised to talk to the media.

Tata Power Co Ltd is in early-stage talks with Green Infra Ltd to merge the renewable energy assets of both companies, a person with direct knowledge of the development said.

Jaiprakash Associates reported October-December net profit fell 64.2 percent to 1.11 billion rupees from a year ago.

India's sugar production for the 2013/14 season is set to fall below consumption for the first time in four years as a water shortage trims acreage in three key states.


Voltas Ltd reported October-December swung to a net profit of 768.1 million from a net loss of 1.15 billion rupees a year ago.


Russia's Sistema and Malaysia's Maxis Group have shelved talks for a possible buyout of Indian telecom operator Aircel after inconclusive negotiation on price and a recently failed government auction of airwaves, The Economic Times reported citing two people close to the deal.


Nielsen Holdings NV increased the size of its contract with Tata Consultancy Services Ltd to $2.5 billion from $1 billion.


Private equity firm Apax Partners LLP sold half its stake in Apollo Hospitals Enterprise Ltd to Oppenheimer Funds Inc for about 5.23 billion rupees ($97 million). Piramal Enterprises Ltd said October-December net profit surged to 610.7 million rupees from 85.2 million rupees a year earlier.


Securities and Exchange Board of India has allowed Diageo Plc more time to begin buying shares of United Spirits Ltd from public shareholders, JM Financial, which is managing the open offer for Diageo, said in a filing with the BSE on Monday.

Indian Hotels Co's board will decide whether to proceed with a bid for Orient-Express Hotels in the current fiscal year ending March, a top company executive said on Monday.


Endemol India and Eros International Media Ltd have agreed on a joint venture in which the two companies will equally share investments and revenues, Deepak Dhar, managing director and CEO of Endemol India, said.

Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...