Indian Shares Edge Higher; Sensex Above 20K Level

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By IBTimes Staff Reporter | January 30, 2013 7:39 PM EST

Indian stock markets were trading with gains in the afternoon session on Wednesday as gains in realty and consumer durables sector offered support.

The 30-share BSE Sensex advanced 0.08 percent or 16.77 points to 20,007.67, and the 50-share NSE Nifty rose 0.13 percent or 7.90 points to 6,057.80.

Markets opened on a positive note, tracking gains in Asian peers as local corporate earnings and economic reports buoyed sentiment. Asian markets advanced Wednesday, with Japanese Nikkei climbing 2.28 percent after official data showed that retail sales in the world’s third largest economy increased 0.4 percent on annual basis in December, down from the 1.2 percent gain in the previous month but topped Reuters estimation for a 0.3 percent rise.

Meanwhile, data released by the Korea National Statistical Office showed that South Korea’s industrial production rose 1 percent in December compared to that in the previous month as a rise in domestic demand offset the weakness in export orders.

Banking sector shares recovered after declining in the previous session on profit booking. Banking sector shares advanced Tuesday after the Reserve Bank of India (RBI) cut its key interest rate for the first time in nine months to boost economic growth but profit booking in the later session pulled the stocks lower.

Axis Bank surged 2.11 percent and Kotak Mahindra Bank gained 1.46 percent while Yes Bank rose 1.42 percent.

Indiabulls Real Estate Ltd. gained 2.32 percent after the company stock was upgrade to “buy” rating from “neutral” rating at Bank of America Merrill Lynch with a new price target of Rs 100.

Among the sectoral indices in BSE, realty and consumer durables sectors gained 1.63 percent and 1.45 percent, respectively, while capital goods and power sectors fell 1.11 percent and 0.62 percent, respectively.

The overall market breadth was negative with 1129 advanced against 1507 declines. The BSE's Midcap Index declined 0.02 percent to 6,934.46 and Smallcap Index fell 0.20 percent to 7,082.42. CNX midcap Index declined 0.37 percent and CNX IT fell 0.02 percent.

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