Sensex closes 44 pts higher; RIL gains 0.87 per cent

Tags: Stock Market
The BSE benchmark Sensex today closed 44 points higher on buying support on optimism that the government would succeed in getting Parliament approval to its decision to allow foreign investment in retail.

Led by Reliance Industries, the Sensex settled the day at 19,391.86, higher by 43.74 points, or 0.23 per cent.

The broad-based National Stock Exchange index Nifty regained a crucial 5,900 level by rising 11,25 points, or 0.19 per cent to 5,900.50.

Brokers said major market players remained selective in front runner and mid-cap sector stocks amid the prevailing optimism that the government would succeed in getting Parliament approval to its decision to allow foreign investment in retail.

Lawmakers will vote later in the day on the government decision to allow FDI in the retail sector.

Traders said overseas investors remained the biggest buyers for almost two weeks by taking $20.2 billion of Indian equities this year so far.

Reliance Industries rose by 0.87 per cent to Rs 830.90 and copper manufacturer Sterlite Industries jump 5.37 per cent to Rs 112. 80 as the metal traded near a six-week high in London.

Markets @ 10.30 AM (PTI)

The BSE Sensex trimmed its initial gains, but was still trading up by 40 points in the late morning trade on buying mainly in Metal, Realty, Capital Goods and Banking counters on the back of persistent capital inflows from foreign funds coupled with strong Asian cues.

Shares of organised retailers rose ahead of voting in Lok Sabha today on a motion moved by the Opposition to disallow FDI in multi-brand retail and on FEMA.

The BSE benchmark sensex resumed higher at 19,397.98 and firmed up further to a high of 19,463.25 on strong buying in select counters.

However, it declined afterwards to 19,378.88 due to selling in IT sector before quoting at 19,388.23 at 1030hrs, still showing a gain of 40.11 points of 0.21 per cent from its last close.

The NSE-50 share Nifty also moved up by 8.50 points, or 0.14 per cent, to 5,897.25 at 1030 hrs.

Major gainers were Sterlite Ind (2.66 per cent), Tata Steel (2.17 per cent), Tata Motors (2.06 per cent), Hindalco Ind (1.92 per cent) and HDFC Bank (1.08 per cent).

FIIs bought shares worth a net Rs 539.95 crs yesterday as per provisional data from the stock exchanges.

Chinese stocks jumped to lead gains for Asia markets in the earlier trade with the Shanghai bourse rallying off a four-year low as investors picked up financial and property stocks. In mainland China, the Shanghai Composite index was up 3.01 per cent. Hong Kong's Hang Seng was up 1.35 per cent. Key benchmark indices in Singapore, South Korea, Japan, Indonesia and Taiwan were up 0.05 per cent to 0.6 per cent.

Markets @ 09.00 AM (PTI)

The BSE benchmark Sensex today surged nearly 103 points in early trade on sustained buying by funds and retailers, ahead of voting in Parliament on allowing FDI in multi-brand retail amid firm Asian cues.

The 30-share barometer, which had gained 42.80 points yesterday, rose by 102.67 points, or 0.53 per cent, to 19,450.79.

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