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Sensex closes 95 pts up on BSP support to FDI in retail

Source : BUSINESS_STANDARD
Last Updated: Fri, Dec 07, 2012 07:40 hrs

pA bout of short covering during the last hour of trade on Thursday saw domestic equity markets recover sharply from the day&rsquos lows The BSE benchmark index Sensex recovered 300 points from the day&rsquos low after Bahujan Samaj Party BSP chief Mayawati said she would support the Union government during a vote on foreign direct investment FDI in multi-brand retail in the Rajya Sabha This was the third straight day of gains for the marketppThe Sensex closed with gains of 95 points or 05 per cent at 19487 The broader index S&P CNX Nifty of the National Stock Exchange NSE gained 30 points to close at 5931 The rupee hit a one-month high of 5408ppThe BSP which had abstained from voting in the Lok Sabha yesterday will vote in favour of the government in the Rajya Sabha The Congress-led United Progressive Alliance government had won Wednesday&rsquos vote in the Lok Sabha on retail FDI but it was believed that a win in the Rajya Sabha would be difficult as the government is in minority in the upper house of Parliamentpp&ldquoMayawati&rsquos decision to go with the government has been a game changer for stock markets It was widely believed that there would be mid-term polls next year if the government loses the vote on FDI However stock market players do not see early elections and this may change sentiments" said Harish Vasudeven an independent equity analystppThe rise in share prices was led by a rebound in rate-sensitive stocks such as ICICI Bank This was on hopes that parliament might clear the pending pension and insurance Bills ICICI Bank rose 14 per cent to Rs 1135 Tata Motors Ltd rose 193 per cent to Rs 280 while Sterlite Industries Ltd saw a 235 per cent rise to Rs 115ppRetail stocks also closed with strong gains Among the big retailers Shoppers Stop and Pantaloon Retail closed 05-1 per cent higher Both stocks hit their 52-week highs yesterday Smaller stocks such as Provogue India Ltd and Cantabil Retail India Ltd surged five-seven per centppBarring tech stocks all other groups of stocks closed higher on BSE Tech stocks closed lower for a third straight day over concerns of muted growth in 2013 New Jersey-based Cognizant Technology Solutions Ltd&rsquos filing with the US market regulator showed a dip in expected revenue growthppProvisional figures showed that foreign institutional investors purchased stocks worth Rs 838 crore and domestic institutional investors were net sellers of Rs 662 crorep

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