Web Sify
Follow us on
Mail
Print

Sensex edges higher; Yellen's speech, Jan CPI on watch

Source : REUTERS
Last Updated: Tue, Feb 11, 2014 11:28 hrs
Share market<br>

Indian shares rose on Tuesday as Tata Motors rallied after its quarterly earnings surged on strong results at unit Jaguar Land Rover, while software services providers gained after an industry body predicted exports would improve.

However, broader gains were in check as Reliance Industries fell after Delhi Chief Minister Arvind Kejriwal said he has asked for legal cases to be filed against company Chairman Mukesh Ambani and policymakers over pricing of gas.

Investors are next expected to look at consumer inflation due on Wednesday, which is expected to have eased to 9.4 percent in January from a year earlier, compared with 9.87 percent in December, according to a Reuters poll of analysts.

Globally, emerging markets will also focus on the testimony by Federal Reserve Chair Janet Yellen to the U.S. Congress later in the day.

"Moderation in retail inflation would be positive but that would lead to only a small rally. Big positions would not be taken till global markets give a decisive move," said Paras Adenwala, managing director and principal portfolio manager at Capital Portfolio Advisors.

The benchmark BSE index rose 0.14 percent, or 29.10 points, to 20,363.37.

The broader NSE index gained 0.15 percent, or 9.25 points, to 6,062.70.

Foreign investors sold Indian shares worth $72.2 million, for an eighth consecutive session on Monday, totalling sales of $655 million.

Shares of Tata Motors Ltd surged 2.9 percent after the company's third-quarter net profit tripled to the highest in a year-and-a-half on strong demand for its luxury Jaguar Land Rover vehicles.

Software services exporters gained after industry body Nasscom said exports from the sector would grow 13-15 percent in the fiscal year starting in April, up from 13 percent in fiscal 2013/14.

Infosys rose 0.6 percent, Tata Consultancy Services ended higher 0.4 percent and HCL Technologies gained 4 percent.

Idea Cellular Ltd rose 2.6 percent on value-buying after the stock slumped 8.44 percent on Monday, its biggest single-day fall since Oct. 23, 2008 after rising prices in a mobile spectrum auction set off concerns about profit margins.

Bajaj Electricals surged 9.3 percent after the company's December-quarter profit rose 71.5 percent to 200.3 million rupees, beating some analysts' estimates.

Tata Steel rose 1.9 percent ahead of its earnings later in the day.

Bharat Forge gained 6 percent after the company said it will merge two of its units.

However, among other stocks that fell, Reliance Industries fell 2 percent after Delhi chief minister Kejriwal said Ambani's company had created an artificial shortage to "blackmail" the government to set higher prices.

A Reliance spokesman declined to comment on the allegations.

Dr.Reddy's Laboratories Ltd fell 0.4 percent on profit-taking even after company's December-quarter results beat expectations, dealers said.

For additional stocks on the move double click

FACTORS TO WATCH

Dollar at two-week low ahead of Yellen; Aussie firms

Brent edges toward $109 on optimism Yellen may assure

Gold, shares up ahead of Yellen

Foreign institutional investor flows

For closing rates of Indian ADRs


More from Sify:
blog comments powered by Disqus
most popular on facebook
talking point on sify finance