Sensex rises 43 points; Tata Power, RIL lead gainers
The BSE benchmark Sensex today closed 43 points higher on the back of good buying in Tata Power, RIL and SBI amid a firming European trend.business Updated: Dec 04, 2012 17:53 IST
The BSE benchmark Sensex today closed 43 points higher on the back of good buying in Tata Power, RIL and SBI amid a firming European trend.
The Bombay stock Exchange sensitive index resumed lower at 19,277.58 and hovered in a narrow 110-point range, before ending at 19,348.12 -- a gain of 42.80 or 0.22 per cent.
The broad-based National Stock Exchange index Nifty edged up by 18.30 points, or 0.31 per cent to 5,889.25.
"RIL gained 2.49 per cent on back of media reports that the Oil ministry is expected to approve the company's investment plans for the KG-D6 block," said Milan Bavishi, Head Research, Inventure Growth & Securities.
Brokers said investors bought banking and financial shares like SBI, ICICI Bank and HDFC on hopes of rate cut by RBI soon. Tata Power was the best Sensex performer with a gain of 4 per cent on heavy fund-buying, they added.
In the 30-share Sensex, 11 stocks gained while 19 including TCS, M&M and ITC ended in negative zone.
Meanwhile in Parliament, Opposition BJP and Left parties demanded separate debates with voting on FDI in retail and related amendments in Foreign Exchange Management Act (FEMA) rules in Lok Sabha, but it was vociferously opposed by the government and rejected by Speaker Meira Kumar.
Market participants remained cautious ahead of the discussion on FDI in retail and were still weighing their bets after last week's 4.5 per cent surprise rally, analysts said.
"The banking sector today saw revival from lower levels and was up by 0.75 per cent per cent. Consumer Durables was down by 0.72 per cent due to profit-booking. IT and Auto were also marginally in negative," said Nidhi Sarswat, Senior Research Analyst, Bonanza Portfolio Ltd.
The positive domestic sentiment was aided by the firming trend in European region, said traders. However, most of the Asian stocks closed with losses.