Sensex gains for 5th day, realty shares surge

Sensex gains for 5th day, realty shares surge

The BSE Sensex managed to close in the green for the fifth straight session on Tuesday. Markets were lacklustre with the broader Nifty dropping below the key 5,700 mark in intraday trade, but strong buying towards close saw the benchmarks close near the day's high.

The Sensex gained 55 points or 0.3 per cent to 18,817 while the broader Nifty advanced 20 points to 5,724. The rupee recovered from near two-month lows and traded higher against the dollar at 54.37.

Realty stocks were the big gainers today. DLF, India's biggest property developer, rose nearly 2 per cent.

34 of the 50 shares closed higher on the Nifty. Asian Paints, cement makers ACC and Ambuja, and Power Grid were the top Nifty gainers while infra lender IDFC was the top loser, down 2.3 per cent.

Many stocks moved on the back of September quarter earnings. Drug maker Cipla ended at the top of the 50-share Nifty on the back of 62 per cent surge in net profit. Cipla hit a new 52-week high today and ended with over 4 per cent gains. Ranbaxy closed with nearly 2.5 per cent gains.

Anil Ambani promoted Reliance Infra dropped 1.8 per cent. The company reported marginal dip in sales in the second quarter. Aluminium maker Hindalco closed 1.8 per cent lower as quarterly profit fell 29 per cent.

Maruti Suzuki, India's biggest car maker fell 1.8 per cent on reports of protest by former workers at the Manesar plant. The company said there was no impact on production. Tata Motors shed over 1 per cent despite an upgrade to "overweight" by global investment bank Morgan Stanley.

On the broader BSE 500, Kingfisher Airlines shares were locked in lower circuit for the second day in a row.

Global markets:

Asian shares were mixed with markets in South Korea rising over 1 per cent and Japan's Nikkei benchmark closing with 0.4 per cent losses. European shares traded with modest gains. Polls indicate the election between President Barack Obama and Republican challenger Mitt Romney will be extremely close and the risk of a change in policy in the world's largest economy was keeping investors on the sidelines.

(With inputs from Thomson Reuters)