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Sensex rises 79 points as IT stocks counter poor economic data

Mumbai: The benchmark Sensex added 79 points in a volatile session today ahead of Reliance earnings as appetite for IT stocks prevailed over poor inflation and industrial production data.TCS, Infosys, HDFC Bank and Reliance Industries

India TV News Desk India TV News Desk Updated on: October 14, 2013 18:08 IST
sensex rises 79 points as it stocks counter poor economic
sensex rises 79 points as it stocks counter poor economic data

Mumbai: The benchmark Sensex added 79 points in a volatile session today ahead of Reliance earnings as appetite for IT stocks prevailed over poor inflation and industrial production data.


TCS, Infosys, HDFC Bank and Reliance Industries boosted the Sensex, which rose for the fifth straight session. Major gainers on the index included Wipro and Tata Motors.  IT and technology stocks led seven of the 13 BSE sectoral indices higher.

The S&P BSE Sensex opened higher at 20,534.61. It moved in a band of 20,497.88 to 20,645.94 before ending at 20,607.54, a gain of 78.95 points or 0.38 per cent. The index is at the highest closing level since September 19.  The CNX Nifty on the National Stock Exchange rose 16.5 points to 6,112.70. The SX40 index on the MCX Stock Exchange was at 12,269.75, up 51.88 points.

Inflation as measured by the Wholesale Price Index in September was at a seven-month high of 6.46 per cent, compared with 6.1 per cent in August and 5.85 per cent in July.  

The Reserve Bank of India increased a key policy rate on September 20, saying inflation had to be lowered to more tolerable levels. Its next policy review is on October 29.  “WPI inflation...is way above the comfort zone of RBI.  This somewhere dampened the market spirit as there are chances of rate hikes in next monetary policy,” said Nidhi Saraswat, Senior Research Analyst at Bonanza Portfolio Ltd. “Post Infy results, IT stocks continue to lead the rally.” Industrial output growth slowed to 0.6 per cent in August compared with 2.8 per cent in July, the government said.

Capital inflows also boosted the market as overseas investors bought a net Rs 1,010.45 crore of shares on October 11, according to provisional data from the stock exchanges.  Asian stocks ended lower, weighed down by an unexpected drop in China's exports and the US impasse on raising the nation's debt limit and restoring government operations.  

Indices in Singapore, South Korea and Taiwan fell, while the Shanghai Composite rose. Markets in Japan and Hong Kong were closed. European markets traded mixed.

In the domestic market, 13 of the 30 Sensex shares gained, led by TCS (4.27 pc), Wipro (2.58 pc), Infosys (1.52 pc), Tata Motors (1.48 pc) and HDFC Bank (1.08 pc).  The major losers on the index included Hindalco Industries (3.15 pc), Tata Steel (1.88 pc), Cipla (1.75 pc), GAIL India (1.71 pc) and BHEL (1.56 pc).

Among the sectoral indices, S&P BSE IT rose 2.32 pc, followed by S&P BSE Teck 1.82 pc, S&P BSE Bankex 0.55 pc and S&P BSE Auto 0.45 pc.

The small-cap and mid-cap indices moved up 0.51 pc and 0.62 pc, respectively. However, S&P BSE Metal eased 0.64 pc, S&P BSE FMCG 0.57 pc and BSE-Capital Goods 0.42 pc.

The market breadth remained positive as 1,291 stocks ended with gains, 1,130 closed with losses and 154 ruled steady.

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