BSE Sensex extends gains; Tata Motors at record

MUMBAI Thu Apr 19, 2012 5:15pm IST

Brokers trade on their computer terminals at a stock brokerage firm in Mumbai May 4, 2009. REUTERS/Punit Paranjpe/Files

Brokers trade on their computer terminals at a stock brokerage firm in Mumbai May 4, 2009.

Credit: Reuters/Punit Paranjpe/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - The BSE Sensex rose for a fourth consecutive session on Thursday, as auto stocks extended a rally while Infosys recovered from recent sharp losses, though plenty of caution remains in the midst of the corporate earnings reporting season.

Traders are particularly looking forward to earnings from blue chip Reliance Industries on Friday, which could help determine market direction in the near term, dealers said.

Investors are also hoping for a removal of the uncertainty behind a financial proposal dubbed GAAR, which was part of the fiscal 2013 budget unveiled in mid-March.

The bill would retroactively tax indirect foreign investments, and some analysts have blamed the stagnation in Indian stock markets since then to that proposal.

"In April, markets would remain range-bound and may retest to 5,145 levels," said Prakash Diwan, head of the Institutional Clients Group at Asit C.Mehta Investment Intermediates.

"Fresh allocations would happen in May after Finance bill gets passed in the first week and more clarification comes on so-called GAAR."

The Sensex rose 0.6 percent to 17,503.71 points, while the Nifty advanced 0.6 percent to 5,332.40.

The four-day winning streak was the longest one since the gains in the four sessions to March 14.

Auto makers led gainers, with the BSE auto index ending up for a sixth straight session after hitting a new all-time high.

Expectations that auto sales will improve after this week's aggressive interest rate cut from the Reserve Bank of India is helping sustain the rally in auto shares.

Tata Motors (TAMO.NS) rose 3.1 percent while Maruti Suzuki (MRTI.NS) gained 2.9 percent.

Infosys ended up 1.4 percent, as the nearly 14 percent drop since it disappointed investors with its revenue outlook on Friday was seen as overdone.

Shares in HDFC Bank rose strongly for a second day, advancing 3.1 percent and earlier touching a record high of 555.60 rupee, after the private lender posted on Thursday a 30.3 percent rise in quarterly net profit.

However, among decliners, Bharat Heavy Electricals lost 3.9 percent after Morgan Stanley resumed coverage of the stock with an "Underweight" rating citing an over-supplied power equipment market among other factors.

ACC, India's No. 2 cement maker, dropped 3.8 percent after reporting a 57 percent fall in quarterly profit due to a one-time charge.

(Editing by Rafael Nam)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Trade Deal

REUTERS SHOWCASE

Facebook Results

Facebook Results

Facebook beats Wall Street targets, stock hits record high  Full Article 

Gm Recall

Gm Recall

GM recalls 717,950 vehicles in U.S., not for ignition switches  Full Article 

Factory Sector

Factory Sector

China July HSBC flash PMI at 18-month high of 52.0   Full Article 

Breakingviews

Breakingviews

Apple winds up earnings hope for new gadgets  Full Article 

BRICS Bank

BRICS Bank

World Bank chief welcomes new BRICS development bank.  Full Article 

Streamlining Operations

Jet Streamlines

Jet Airways chairman says looking to restructure debts, talking to bankers  Full Article 

Political Economy

Political Economy

Analysis - Watch what markets don't do as world politics turns nasty   Full Article 

Honda's India Thrust

Honda's India Thrust

Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec   Full Article 

 Boosting Output

Boosting Output

NMDC plans to boost iron ore output by two-thirds  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage