After a weak open, the markets moved into the green in early morning trade with the Sensex and the Nifty closing up 0.47 percent. The BSE Sensex closed up 79.7 points to 17,185, up 147 points from the day’s low while the S&P CNX Nifty gained 23 points and closed above the 5,200 level at 5,216.
The market breadth was positive. On the BSE, 1,409 stocks advanced while 1,373 declined. Among sectoral indices, metals was the top gainer with a 1.5 percent rise followed by capital goods (1.07 percent) and realty (0.93 percent). In the 30-share Sensex pack, 21 stocks advanced led by Bajaj Auto (5.2 percent).
While the Sensex is up 11 percent since the start of the year, Steve Brice, Strategist, StanChart cautions investors looking at India and said that Indian equities are at the higher end of the trading band. He further said that doesn’t see the Reserve Bank of India changing its stance on having any rate cuts at its credit policy meet on 31 July.
Results expected tomorrow are HeroMoto Corp, Dr Reddy, Kotak Bank, Persistent System, BOC India, etc.
Stock specific news :
•Bajaj Auto gained 5.5 percent recovering from the day’s low after net profit rose 1 percent to Rs 718 crore on 4 percent increase in sales for the June 2012 quarter.
•Shares in Coal India rose 1.4 percent to Rs 360 per share after CLSA upgraded the stock to “outperform” from “underperform” and raises its target price to Rs 390 from Rs 340.
•Triveni Turbine fell three percent after net profit fell 18 percent for the June quarter.
•Honeywell Automation India fell six percent after its net profit fell 54 percent on a 11 percent growth in net sales for the June 2012 quarter.
•GTL Infra galloped 7 percent after the board issued compulsorily convertible debentures to lenders and the promoter group as part of its corporate debt restructuring.