Sensex gains 29 pts; IT, auto shares jump after exports rise
The benchmark Sensex on Tuesday advanced 29 points to end at 20,363.37 on buying in IT and auto shares, amid export growth in January helping trim surging trade gap.business Updated: Feb 11, 2014 17:20 IST
The benchmark Sensex on Tuesday advanced 29 points to end at 20,363.37 on buying in IT and auto shares, amid export growth in January helping trim surging trade gap.
In step with the stock markets, the rupee strengthened to 62.26 versus Monday's closing of 62.43.
The Sensex, which had lost 42.29 points on Monday, recovered by 29.10 points, or 0.14%. Intra-day, it moved between 20,443.35 and 20,349.51.
In the 30-share Sensex, 15 stocks gained led by Infosys, TCS, Tata Steel, ONGC, SBI, HDFC, Axis Bank and Bajaj Auto.
The 50-scrip National Stock Exchange index Nifty added 9.25 points, or 0.15%, to close at 6,062.70, after touching a high of 6,081.85.
Brokers said trading sentiment was bolstered after data showed Indian exports increased 3.79% to $26.75 billion dollar in January, helping the trade deficit to narrow to $ 9.92 billion dollar.
They said the market sentiment improved further following an upsurge in Tata Motors counter after the company posted a near three-fold spike in its December quarter net profit. Tata Motors scrip was a star performer as it surged 2.83%.
A firming trend in the Asian region and higher opening in Europe before Federal Reserve chairman addresses the US Congress, aided sentiments.
However, Reliance Industries shares slipped 1.96% after the Delhi government ordered filing of criminal cases against RIL chief Mukesh Ambani, among others, following complaints of irregularities in pricing of natural gas in KG basin.
Sectorally, the BSE IT sector index gained the most by rising 0.99% after software industry body Nasscom said it expects IT sector exports to grow by 13-15% in FY15 as against 13% in the current financial year.
The auto index was second best performer by adding 0.77%, followed by Teck index 0.74%, Consumer Durable index 0.58% and Metal index 0.37%.