Asian Economic News
Indian Market Rises On Strong Global Cues
11/16/2009 6:13 AM ET
(RTTNews) -
The Indian market advanced sharply on Monday to close at a three-week high, led by strong global cues. High-beta realty stocks outperformed followed by auto, metal and oil/gas stocks, while IT stocks closed on a subdued note, tracking an appreciating rupee.
The BSE Sensex opened higher at 16,893 and rose to a high of 17,083 before closing at 17,033, up 184 points or 1.09% and the S&P CNX Nifty rose 59 points or 1.18% to 5,058.
Likewise, the BSE mid-cap index moved up 1.14% and the small-cap index by 1.22%. The market breadth on the BSE was extremely positive, with 1751 gainers versus 1023 decliners.
In the realty sector, Ansal Properties & Infrastructure jumped over 9% after its board allotted 96.27 lakh equity shares at a premium of Rs. 65/- per share to Mauritius-based foreign fund IPRO Funds. DLF advanced 4.54%, Unitech gained 2.74%, Sobha Developers added 2.09% and Indiabulls Real Estate ended up 1.19%.
Metal stocks advanced, tracking higher commodity prices. Sterlite Industries rallied 3.55% on reports a district court in Texas has issued a ruling in favor of Mexican mining conglomerate Grupo Mexico SAB to regain control of U.S copper miner Asarco LLC.
JSW Steel rose 3.11%, Tata Steel gained 2.65%, Hindalco added 2.60% and National Aluminum ended up 1.11%. Possible disinvestment candidate SAIL edged up 0.90%.
Among auto stocks, Maruti Suzuki surged up 5.45%, Hero Honda Motors rallied 3.82%, Bajaj Auto gained 3.57%, Ashok Leyland added 3.15%. Tata Motors rose 2.32% on reports its Jaguar Land Rover unit has tied up a $250-million working capital facility from GE Capital.
Oil explorer Reliance Industries rose 1.47% and Cairn India advanced 1.37% after crude oil rose above $77 a barrel due to a weaker dollar.
Telecom stocks advanced on reports the department of telecommunications has commenced a pre-bid conference of prospective bidders for auctioning the 3G and WiMAX spectrum. Bharti Airtel gained 0.53%, Reliance Communication rose over 3% and Idea Cellular added 2.18%.
However, IT stocks showed modest losses after the rupee rose to a near one-month high against the U.S dollar. Infosys slipped 0.34%, TCS declined 0.63% and HCL Technologies fell over 1%, but Wipro edged up 0.55%.
Development Credit Bank ended up 0.13% after announcing a capital raising. Whirlpool of India rallied 7.49% on reports it plans to invest Rs.3 billion in the next three years. Suzlon Energy climbed over 8% after its U.S arm received an order to supply wind turbines to a community-based wind farm in the state of Minnesota.
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