 | « Back to article | Print this article |
Markets end at day's high, heavyweights rally
Markets have ended a positive session of trade near the day's high -- on the back of buying interest in heavyweights. Global shares also boosted investor sentiments.
The Sensex, after touching a high of 19,598, ended with a 1% or 182 points jump at 19,577.
Nifty ended up 57 points at 5,899.
Meanwhile, Indian factory activity remained weak in June as output contracted for the second month running and order books shrank for the first time in over four years.
The HSBC Manufacturing Purchasing Managers' Index, compiled by Markit, edged up to 50.3 in June from 50.1 in May.
The index, which gauges business activity in Indian factories but not its utilities, has been flirting with the 50 mark that separates growth from contraction for two months but has held above it for over four years.
Japan's Nikkei average climbed 1.3 percent to a one-month high on Monday as investors were encouraged by the index's resilience in holding off early rounds of profit-taking.
Click NEXT to read further. . .
Markets trade higher on buying in heavyweights
The Bank of Japan's quarterly tankan survey showed an improvement in sentiment at both large manufacturers and non-manufacturers, with the former showing positive sentiment for the first time since mid 2011.
However, other markets edged lower, hurt by worries that the US Federal Reserve could start scaling back its massive monetary stimulus in September, and signs of an economic slowdown in China.
BSE realty index led the gains -- up 5.2% at 1,590.
Power and capital goods indices added 2.7% each. All other indices, barring IT, was in the green.
The IT index shed 1.6% at 6,155.
Larsen and Toubro moved higher by nearly 3.2% at Rs 1,450 after the engineering giant said it has won new orders worth of Rs 3,057 crore across various business segments in June 2013.
Click NEXT to read further. . .
Markets end at day's high, heavyweights rally
The company’s building and factories business has secured orders worth of Rs 1,808 crore for construction of an office space, resident building and a hospital from customers across the country, L&T said in a press release.
Reliance Industries traded higher by 2.5% at Rs 883, extending its Friday’s nearly 4% rally, after the Cabinet Committee of Economic Affairs has announced to raise gas price to $8.4/mmbtu effective April 1, 2014 for a period of five years.
The hike in gas price is EPS accretive for upstream state-owned companies even after raising their subsidy burden estimates.
Also, it is positive for private gas producing companies such as RIL, says analyst at Angel Broking in a note.
Sterlite and Jindal Steel added 3.5% each. Among other key gainers were Bharti Airtel, NTPC and SBI.
Click NEXT to read further. . .
Markets end at day's high, heavyweights rally
Meanwhile, TCS and Infosys led the loser's list -- down 1.8% each.
M&M was up 1.6% to Rs 982 on decline in total sales in June 2013 over June 2012.
The company's total sales fell 7.81% to 38,092 units in June 2013 over June 2012.
Dr Reddy’s Laboratories advanced by 2.3% at Rs 2,268, extending it’s nearly 6% rally in past two days, after the pharmaceutical company said it has launched its generic Lamotrigine extended-release tablets, used for treating epilepsy, in the American market following approval by the US health regulator.
The country's largest car-maker Maruti Suzuki India today reported 12.6% decline in total sales in June this year at 84,455 units.
The company had posted a total sales of 96,597 units in the corresponding month last year.
Maruti shares were the top Sensex gainers -- up 4.3% at Rs 1,605.
The country's largest two-wheeler maker Hero MotoCorp today said it has picked up 49.2% stake in US-based Erik Buell Racing (EBR) for $25 million (about Rs 148 crore). Shares of HeroMotCorp were up 2% at Rs 1,699.
BSE market breadth was positive.
Out of 2,506 shares traded, 1,611 shares advanced while 768 shares declined in trades.