Sensex ends flat; tech stocks gain, ONGC falls

The Sensex ended flat on Monday, and not far off yearly lows, as technology firms such as Infosys rose on hopes the 2013/14 budget would provide incentives for exporters, while ONGC fell on worries about a potentially higher oil subsidy burden.

Infosys Ltd provisionally rose 2.8 percent, while Oil and Natural Gas Corp Ltd fell 2.15 percent, ahead of the 2013/14 budget to be presented on Thursday.

The Sensex provisionally ended flat, barely above its lowest close since December 24 hit on Friday.

The Nifty ended up 0.08 percent.

Markets @ 11.30 AM (Reuters)

The Sensex gains 0.27 percent, rebounding after hitting its lowest close since December 24, 2012 on Friday. The Nifty is also up 0.25 percent.

Infosys Ltd gains 2 percent, while Tata Consultancy Services Ltd is up 1.3 percent on hopes of incentives for exporters in the 2013/14 budget to be unveiled on February 28.

Shares in non-banking financial companies gain on Monday after the central bank issued guidelines allowing any business sector to apply for banking licences.

Mahindra and Mahindra Financial Services gains 5.6 percent, while IDFC Ltd is up 1.7 percent.

However, Oil and Natural Gas Corp falls 0.8 percent on expectations of higher oil subsidy burden from the 2013/14 budget, say dealers.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Back from the US of A, Modi will now have to walk the talk

    It would be no overstatement to suggest that prime minister Narendra Modi’s five-day trip to the US was an exercise in PR diplomacy.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Simon J Evenett

Where the mind leads, actions follow

Whether in business, government, non-profits, or elsewhere, what assumptions underpin ...

Zehra Naqvi

Fading empathy in the modern world

The episode of a man being mauled to death by ...

Gautam Gupta

French fashion icon Gaultier’s pret goodbye

With Gaultier gone, the world of international prêt will never ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture