Sensex rebounds; ICICI, TCS, ITC lead
Indian shares recouped morning losses, helped by ICICI Bank, State Bank of India and Reliance Industries. The 30-share BSE Sensex rose 50 points to 17,817, even after the European markets declined in early trade.
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ndian shares recouped morning losses, helped by ICICI Bank, State Bank of India and Reliance ndustries. The 30-share BSE Sensex rose 35.6 points to 17,802, even after the European markets declined in early trade.
 France's CAC, Germany's DAX and Britain's FTSE were down 0.3% each ahead of Federal Reserve's policy meet that will start on Wednesday for two days and German's Constitutional Court ruling, which decides the fate of ESM. |
Back home, the 50-share NSE Nifty gained 8 points to trade above the 5350 level at 5,371. The market breadth also improved; advancing shares outnumbered declining by 751 to 611 on the National Stock Exchange.
Oil retailers BPCL, HPCL and IOC trimmed gains to 1-1.5%. The Oil Minister Jaipal Reddy says the under-recoveries are expected to be at Rs 1.88 lakh crore for the current financial year 2012-13. He says some decision may be taken, if the cabinet committee on political affairs considers fuel price hike. "Petrol under-recovery is currently at Rs 6/litre. Eventual increase in fuel prices is unavoidable. Therefore, the hike in prices of all fuel products must be considered."
Country's largest private sector lender ICICI Bank gained 0.8% while its rival State Bank of India rose 0.26%.
Top software services exporter TCS, drug producer Cipla and cigarette major ITC were up 0.8% each. State-run power equipment maker BHEL and power producer NTPC moved up 1% each.
Housing finance company HDFC retained its leading position among largecaps with 1.4% gains. Top car maker Maruti Suzuki climbed 1% and commercial vehicle major Tata Motors was up 0.3%.
Sesa Goa crashed 5.5% as the Goa government has decided to stop work in all 90 mines in Goa till review is done. Sterlite Industries plunged 4% and Jindal Steel was down 3%.
Two-wheeler major Hero Motocorp fell 1.6%. Shares of Larsen & Toubro, Bharti Airtel, Hindustan Unilever, Tata Steel, M&M and Bajaj Auto were down 0.4-0.6%.
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