BSP support to FDI lifts Sensex, closes 95 points up

Tags: Stock Market
In volatile trade, the BSE benchmark Sensex today wiped out early losses to close with a 95-point gain on late buying amid BSP throwing its weight behind the UPA government on FDI issue in Rajya Sabha.

After dipping to 19,186.24 intra-day on profit-booking, the Sensex rebounded to end higher by 94.94 points, or 0.49 per cent to 19,486.80 on good buying support in Tata Motors, Sterlite, Bajaj Auto, Reliance Industries and HDFC.

The gauge has gained 182 points in three days now.

However, IT, Tech and Healthcare stocks did not fare well today. Wipro, TCS and Infosys fell in 1.2-2.4 per cent range on growth outlook worries, triggered by a Cognizant US filing.

The broad-based National Stock Exchange index climbed 30.40 points, or 0.52 per cent, to 5,930.90 led by stocks of realty, power and banking sectors. It had fallen to 5,838.90 at the outset on heavy profit-booking.

Brokers said the buying activity gathered momentum after after BSP decided to support FDI in retail in the Rajya Sabha.

"We have decided to vote in favour of government on FDI in multi-brand retail issue tomorrow," BSP chief Mayawati, whose party has 15 members in the Rajya Sabha, said participating in the debate.

The party had yesterday staged a walkout in the Lok Sabha, helping bail out the government in the vote.

A firming global trend amid optimism US lawmakers will agree on a budget, and before the European Central Bank unveils 2014 forecasts, remained supporting factors for the domestic market, they added.

After the government secured victory in the vote on FDI issue in Lok Sabha, the retail sector stocks remained in demand and picked up sharply. Provogue India gained 6.68 per cent to Rs 18.40, Koutons Retails by 4.94 per cent to Rs 9.98 and Pantaloon Retails by 0.55 per centto Rs 239.15.

BSP support to FDI lifts Sensex, closes 95 pts up

Mumbai, Dec 6 (PTI) In volatile trade, the BSE benchmark Sensex today wiped out early losses to close with a 95-point gain on late buying amid BSP throwing its weight behind the UPA government on FDI issue in Rajya Sabha.

After dipping to 19,186.24 intra-day on profit-booking, the Sensex rebounded to end higher by 94.94 points, or 0.49 per cent to 19,486.80 on good buying support in Tata Motors, Sterlite, Bajaj Auto, Reliance Industries and HDFC.

The gauge has gained 182 points in three days now.

However, IT, Tech and Healthcare stocks did not fare well today. Wipro, TCS and Infosys fell in 1.2-2.4 per cent range on growth outlook worries, triggered by a Cognizant US filing.

The broad-based National Stock Exchange index climbed 30.40 points, or 0.52 per cent, to 5,930.90 led by stocks of realty, power and banking sectors. It had fallen to 5,838.90 at the outset on heavy profit-booking.

Brokers said the buying activity gathered momentum after after BSP decided to support FDI in retail in the Rajya Sabha.

"We have decided to vote in favour of government on FDI in multi-brand retail issue tomorrow," BSP chief Mayawati, whose party has 15 members in the Rajya Sabha, said participating in the debate.

The party had yesterday staged a walkout in the Lok Sabha, helping bail out the government in the vote.

A firming global trend amid optimism US lawmakers will agree on a budget, and before the European Central Bank unveils 2014 forecasts, remained supporting factors for the domestic market, they added.

After the government secured victory in the vote on FDI issue in Lok Sabha, the retail sector stocks remained in demand and picked up sharply. Provogue India gained 6.68 per cent to Rs 18.40, Koutons Retails by 4.94 per cent to Rs 9.98 and Pantaloon Retails by 0.55 per centto Rs 239.15.

Markets @ 10.30 AM (Reuters)

The BSE Sensex falls 0.9 percent to 19,220 and the Nifty is down to 5,847.65, on profit-booking.

Nifty has been trading in the "overbought" territory, with its 14-day relative strength index around 70.

Asian shares were steady near 16-month highs on Thursday, supported by hopes that US lawmakers will reach a compromise to avoid the so-called fiscal cliff of year-end tax hikes and spending cuts which threaten to push the U.S. economy back into recession.

Leading the falls Infosys drops 2.1 percent while Tata Consultancy Services is down 2 percent on Cognizant Technology Solutions Corp SEC filing.

Markets @ 09.00 AM (PTI)

The BSE benchmark Sensex today shot up over 99 points in early trade on sustained buying by funds and retailers, after the ruling government's victory in Parliament over FDI in multi-brand retail sector amid firm Asian cues.

The 30-share barometer rose by 99.74 points, or 0.51 per cent, to 19,491.60.

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