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Sensex snaps 5-day losing streak, L&T, Infosys gain

Vinod Dasari, managing director, Ashok Leyland, told NDTV Profit that the company is planning to make about 36,000 vehicles in FY13-14. “We are happy about the exports market that we have developed. Southern markets are seeing revival,” he added.

German finance minister Wolfgang Schaeuble
German finance minister Wolfgang Schaeuble

India's BSE Sensex snapped a five-day losing streak Tuesday on the back of higher global stocks and firmness in the rupee. The Sensex has lost nearly 700 points over the last five trading sessions. The Nifty index gave up over 200 points and breached key supports.

The rupee rebounded today on RBI's action and that helped equities. "The most important thing to see is where the rupee is headed and on the global front, what is happening in Greece," Phani Sekhar, Fund Manager PMS, Angel Broking said.

The Sensex gained 112.41 points or 0.69% at 16,328.25 while the broader Nifty index advanced 35 points to 4,942.80.

Three stocks - Infosys (3.26%), L&T (5.4%) and ICICI Bank (2%) - were responsible for nearly the entire Sensex gains today. The trio contributed nearly 110 index points to the Sensex.

The capital goods index on the BSE soared over 3%, outperforming all other sectoral indices on account of strong buying in engineering and construction conglomerate L&T.
The company had reported March quarter earnings yesterday and the strong FY13 order inflow guidance by the company is being seen as a key positive considering the weak macro-economic environment. It was the top Nifty gainer today.

Metal (2.2%) and IT (1.6%) stocks also saw buying interest while FMCG (-0.64%) stocks saw profit booking.

On the Nifty, 35 of the 50 stocks closed higher. Mining majors Sesa Goa (4.8%) and Sterlite (3.3%), oil and gas producer Cairn India (4.2%) and drug maker Sun Pharma (3%) were among the top Nifty gainers,

State run power producer NTPC (-2.8%) was the top Nifty loser followed by country's biggest car manufacturer Maruti (-2.5%).

Despite gains, analysts continue to be bearish in their outlook on markets.

"The momentum indicators on the daily and weekly charts are on the sell side. A small bounce is possible but medium and short term bias remains negative," Somil Mehta, sr technical analyst at Sharekhan told NDTV Profit.