Indian equity markets ended higher after sinking to the lowest in 2013 last week, as technology shares such as Infosys extended gains on hopes of stronger earnings while buying spurred defensive sectors such as consumer goods and pharmaceuticals. Infosys and HUL closed up 2 percent.
Sensex closed at 19635.72, up 0.69 percent and the Nifty closed at 5939.70, up 0.70 percent.
On the economy front, the next trigger in the domestic market will be the Union Budget 2013 on 28th February. Investors and analysts are bracing up for the budget and are anxiously waiting for a reformist budget.
In an interview with CNBC TV 18, Steve Brice, Strategist at StanChart said, "It is going to be very critical to see how the authorities deal with the challenges on the fiscal side. You have got the rating agencies still in the background looking at things and trying to work out what the action is there. So, the reality is that the government probably has been outperforming expectations against what has been asked of them in recent times. Therefore, the Budget continues that trend and we expect equity markets to do well."
Stocks in news
Kingfisher Airlines closed up 5 percent after its group holding firm United Breweries (Holdings) hiked its loan limit for the ailing carrier to Rs 750 crore from Rs 300 crore. The company also paid its staff a month's salary and is set to meet DGCA to discuss renewal plans.
Hotel Leelaventure closed up 10 percent after the company sold its IT park building in the city of Chennai for 1.7 billion rupees to Reliance Industries, according to an exchange filing.
Mobile operators fall after wireless broadband airwave holders were allowed to provide voice services by paying additional fee, a move that is seen benefiting 4G licence holder Reliance Industries, but leading to more competition in the sector. Bharti Airtel closed down 2 percent while Idea Cellular closed down 0.23 percent.