BSE Sensex at one-week closing high

MUMBAI Fri Feb 7, 2014 5:23pm IST

A man walks past the Bombay Stock Exchange (BSE) building in Mumbai December 5, 2013. REUTERS/Danish Siddiqui/Files

A man walks past the Bombay Stock Exchange (BSE) building in Mumbai December 5, 2013.

Credit: Reuters/Danish Siddiqui/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - The BSE Sensex rose for a fourth consecutive session on Friday to close at its highest in a week, as Tata Steel shares surged after rival ArcelorMittal SA's operating profit beat estimates, while foreign investors turning net buyers after a five-day selling streak also helped.

Foreigners bought 107.5 million rupees worth of Indian shares on Thursday to snap their five-day selling streak totalling $542 million in secondary markets, provisional exchange and regulatory data shows.

Analysts say that with the Nifty taking support at its 200 day moving average, any follow-up buying by foreign institutional investors (FIIs) will help reverse the short-term trend which had turned down.

Gains also tracked higher global shares that further recovered from a steep two-week selloff, buoyed by expectations that a January U.S. jobs report due later on Friday will soothe recent concerns about the pace of global growth.

"The recent bout of FII selling is more related to global factors of tapering and China slowdown, not due to India issues," said Premal Madhavji, head of equities at Espirito Santo Securities.

The most likely outflows are those of short-term ETF money, not long-only selling, Madhavji added.

Both indexes marked their highest close since January 31, but it was also a second consecutive weekly decline amid emerging-market risk aversion.

The Sensex rose 0.32 percent, or 65.82 points, to end at 20,376.56. It ended 0.7 percent lower for the week.

The Nifty rose 0.45 percent, or 26.90 points, to end at 6,063.20. It marked a weekly fall of 0.4 percent.

Consumer inflation data for January due on Wednesday and wholesale inflation data on Friday will be the next key domestic triggers.

Tata Steel Ltd (TISC.NS) jumped 6.4 percent after traders took positive cues from ArcelorMittal SA (ISPA.AS) December-quarter results. ArcelorMittal reported an operating profit of $1.9 billion, higher than a Reuters poll consensus of $1.801 billion.

Among other blue chips, Larsen and Toubro (LART.NS) rose 0.9 percent, while Sun Pharmaceuticals Ltd (SUN.NS) rose 2.9 percent.

Tata Motors Ltd (TAMO.NS) rose 0.7 percent on optimism ahead of its December earnings on Monday.

Aurobindo Pharma (ARBN.NS) ended 2.8 percent higher. It earlier rose to an all-time high of 539.85 rupees after posting a four-fold increase in profit to 4.17 billion rupees for the December quarter, beating some analysts estimates.

Reliance Infrastructure (RLIN.NS) rose 2.1 percent after the Supreme Court on Friday ordered state-run power producer NTPC Ltd (NTPC.NS) to continue supplying power to distribution companies in the capital, New Delhi, until March 26, a move that averts a blackout next week.

Hexaware Technologies (HEXT.NS) rose 4.9 percent after the company's quarterly net profit rose by 56 percent to 1.03 billion rupees, beating expectations.

Among stocks that fell, Bharat Heavy Electricals Ltd (BHEL.NS) fell 0.9 percent on short positions in the futures market, dealers said.

The high costs charged for lending and borrowing on BHEL indicate shorts are building up, say analysts.

(Editing by Prateek Chatterjee)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Republic Day

Reuters Showcase

RK Laxman Dead

RK Laxman Dead

'Common Man' cartoonist RK Laxman dead at 93  Full Article 

Banking Revolution

Banking Revolution

India turns to corner shops, mobile phones for banking revolution.  Full Article 

Nuclear Group

Nuclear Group

China urges India to take steps to satisfy standards of NSG  Full Article 

Gold Market

Gold Market

Chinese gold demand holds up ahead of holiday, Indian buying weak  Full Article 

India-U.S. Relations

India-U.S. Relations

Column - U.S. and India should join to balance China's rise  Full Article 

Padma Bhushan

Padma Bhushan

India honours Bill Gates with civilian award  Full Article 

Fashionable Modi

Fashionable Modi

When Modi met Obama, his name was all over - his suit  Full Article 

New Greek PM

New Greek PM

Greek leftist Tsipras sworn in as PM to fight bailout terms  Full Article 

Australian Open

Australian Open

Venus fireworks illuminate Australia Day  Full Article 

Reuters India Mobile

Reuters India Mobile

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