Markets end at five-week highs ahead of Q3 GDP data

Markets gained for the fifth straight session to end at five-week highs led by TCS, Tata Motors and pharma shares.

The government will announce GDP figures for the December 2013 quarter later on Friday.

The 30-share Sensex gained 133 points to end above 21,000 at 21,120 and the 50-share Nifty ended up 38 points at 6,277. On January 24, the Sensex had ended at 21,134 and the Nifty had ended at 6,267.

Meanwhile, consensus estimates GDP growth for the December quarter is expected to be 4.7 per cent.

In the broader markets, the BSE Mid-cap gained 0.5% and Small-cap index ended up 0.14%.

Foreign institutional investors bought shares worth a net Rs 511.15 crore on Wednesday, as per provisional data from the stock exchanges.

Meanwhile, consensus estimates GDP growth for the December quarter is expected to be 4.7 per cent.

The government will announce GDP figures for the December 2013 quarter later on Friday.

The rupee was trading lower at 62.07 per dollar versus its previous close of 61.98 on Wednesday.

Month-end dollar demand from importers is likely to keep the USD/INR pair bid.

Asian markets recovered from their day's lows to end mixed.

Japan's benchmark Nikkei ended lower for a third day on Friday as investors turned cautious amid tensions in Ukraine, while appreciation in the yen led to profit taking in shares of exporters.

The Nikkei ended 0.6% down at 14,841. Investors also adopted a cautious stance ahead of China's manufacturing PMI data.

Shanghai Composite, Straits Times and Hang Seng pared losses to finally end up 0.04-0.44% each.

The BSE Healthcare index touched a life-time high of 10,867 to end up 2.3%.

Pharma shares were among the top gainers because of robust performance in December quarter driven by earnings from US exports.

Dr Reddy’s Laboratories ended up 2.4%, extending its previous day’s 2% gain, after the company said it has launched Sumatriptan Injection USP in the US.

Among others Sun Pharma, Cipla, Wockhardt, Glenmark Pharma, Biocon and Aurobindo Pharma were up 2-4% each.

Tata Motors touched a record high of Rs 418 before ending the session up 4% at Rs 417 on the NSE.

According to media reports, the country’s largest automobile company is exploring the possibility of setting up a manufacturing plant for Jaguar and Land Rover (JLR) in Saudi Arabia.

Capital Goods shares were also among the top gainers with L&T and BHEL up 1-3% each.

Other Sensex gainers include, TCS, ONGC, Axis Bank and Hindalco.

Maruti Suzuki India ended down 4.5% after the company clarified regarding its board's decision on the proposed Gujarat project. MSIL said that if the contract manufacturing agreement between the company and Suzuki Motor Gujarat expires and in case not extended by mutual consent, the assets of the Gujarat subsidiary would be transferred to MSIL at a fair value to be determined by independent valuation.

Bharti Airtel recovered from the day's lows to end down 0.2% on reports that Nigeria's telecom regulator has fined mobile operators MTN , Airtel and Globacom a combined 647.5 million naira and banned them from selling SIM cards in March due to poor service.

Reliance Industries slipped 1.4% to end below Rs 800 at Rs 799.25.

Reliance Industries Ltd denied the Aam Aadmi Party (AAP)’s allegations against the company and its chief Mukesh Ambani.

It said the AAP’s “continued tirade” against RIL appeared to be instigated by vested interests.

Among other shares, Tech Mahindra and United Spirits ended up 3-6% each as both stocks will be included in the Nifty from March 28, 2014.

Shares of Monsanto India and BASF India have rallied 6-10% on reports that the Union ministry of environment and forests (MoEF) has approved field trials of genetically modified (GM) food crops on a conditional basis.

Market breadth was neutral with 1,333 gainers and 1,332 losers on the BSE.