Sensex End Higher; Maruti, Airtel Surge
By IBTimes Staff Reporter | November 19, 2012 9:38 PM EST
India's Sensex ended higher on Monday after snapping a six-day losing streak as gains in auto sector outweighed declines in consumer durables and capital goods sector.
The 30-share BSE Sensex gained 0.16 percent or 29.63 points to 18,339.00 and the 50 share NSE Nifty declined 0.05 percent or 2.65 points to 5,571.40.
The markets opened on a flat note, tracking the positive cues from the Asian peers as sentiment was buoyed on hopes that U.S. President Barack Obama and the Congress would reach a budget agreement to overcome the looming fiscal cliff, a set of spending cuts and tax increases that would automatically take effect at the beginning of next year unless the government takes steps to prevent it.
Investors remained cautious ahead of the winter session of parliament set to start on Thursday. Telecom shares extended rally after last week's 2G auction failure. Sun TV Network Ltd. gained 2.53 percent and Reliance Communications Ltd. advanced 1.55 percent while Bharti Airtel Ltd. surged 3.29 percent after the company stock was upgraded to an "outperform" rating from an "underweight" rating with a price target of Rs. 335 at Credit Suisse.
Shares of Maruti Suzuki and Mahindra & Mahindra surged on hopes of rising sales this month as part of the festival season, Reuters reported. Maruti Suzuki surged 3.87 percent and Mahindra & Mahindra gained 1.60 percent while Hero MotoCorp gained 1.37 percent.
Among the sectoral indices, Auto, FMCG, Realty and technology sectors ended with gains while all other sectors experienced selling pressure. The gains from Auto sector were offset by declines in consumer durables, metal and capital goods sector.
Titan Industries Ltd. fell 1.84 percent and TTK Prestige plunged 2.18 percent while Tata Steel and Sesa Goa slipped 1.61 percent and 0.72 percent respectively.
Crude oil prices advanced on Monday as the fighting between Israel and Palestine continues to escalate, raising the concerns over supply disruptions. Israel continued to bomb Palestinian militant targets in Gaza, including the media operations of Hamas, from the sea and air on the fifth day.
The overall market breadth was negative with 1767 declines against 1064 advances. The BSE's Midcap Index declined 0.89 percent to 6598.99 and Smallcap Index fell 0.85 percent to 7,050.54. CNX midcap Index plunged 1.02 percent and CNX IT fell 0.28 percent.
To contact the editor, e-mail:
Most Popular Slideshows
- Gennady Golovkin Next Fight Options: Canelo Alvarez, Miguel Cotto Or Julio Cesar Chavez Jr.
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- No Mercy: ISIS, Father Stones to Death Daughter for Alleged Adultery
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- iOS 8 Jailbreak Release Date is Doomed as Team Evad3rs Opts Out, Pangu Hits Snag – Report
- Google Nexus 6 vs. iPhone 5S: 4 Important Things to Consider Before Switching to Android Lollipop
- Swedish Military Spots ‘Russian Submarine’ Off Stockholm Coast, An Alarming ‘Security Game Changer’
- Russia is Creating Underwater Combat Robots to Protect its Arctic Territories
- Canada Raises National Terror Alert Level after Suspected Jihadist Runs Over Soldier