Sensex trades 180 points higher; HDFC, Tata Steel gain

Among the sectoral indices, the BSE metal index was the top sectoral gainer, up 2.1%

 Equity markets rose for the fourth consecutive day, with the BSE’s benchmark 30-share Sensex trading over 180 points higher, led by gains in shares of energy, realty and banking companies.

At 12.17pm, the Sensex was up by 0.64%, or 181.25 points, at 28,443.26 points, while the 50-share CNX Nifty of the National Stock Exchange was up 0.62%, or 53.20 points, at 8,603.90 points.

Among the gainers, Housing Development Finance Corp. Ltd (HDFC) 3.6% to Rs.1,224.34, Sesa Sterlite Ltd rose 3.2% to Rs.199.30 while Tata Steel Ltd rose 3% to Rs.396.15.

Among the losers, Gail India Ltd fell 2.1% to Rs.431.25 while Hero MotoCorp Ltd fell 1.5% to Rs.2,800.

Among the sectoral indices, the BSE metal index was the top sectoral gainer, up 2.1%, followed by the Bankex and realty indices, which were up 0.8% and 0.7% respectively. BSE healthcare and Teck indices were up 0.4% each. BSE Capital goods index was the top sectoral loser down 0.3% followed by BSE auto which was down 0.2%.

Kotak Mahindra Bank Ltd fell 0.1% to Rs.1,387.80 after the bank missed the analyst expectations. The bank said its consolidated net profit in October-December 2014 rose 21.2% to Rs.716.61 crore from Rs.591.25 crore in the same period last year. The bank’s profit was lower than the estimate of Rs.757 crore forecasted by 7 analysts polled by Bloomberg.

SE Investments Ltd rose 16% to Rs.304.15 after the company said it will apply to Reserve Bank of India for converting into small bank.

Shares of metal companies were trading higher on Tuesday after news report said that the steel ministry seeks hiking import duty on steel products to boost the domestic industry. Jindal Steel and Power Ltd rose 2.3% to Rs.155, JSW Steel Ltd rose 2.2% to Rs.997.80, Hindalco Industries Ltd rose 2.3% to Rs.143.45, Hindustan Zinc Ltd rose 1.8% to Rs.163.30.

Kesoram Industries Ltd rose 20% to Rs.137.30 and MRF Ltd 1% to Rs.39,799 after The Economic Times reported that MRF is in advance discussions with BK Birla flagship Kesoram Industries Ltd to acquire its main tyre unit out of the two of Birla Tyres for a value that’s far higher than the market capitalization of the entire diversified Birla conglomerate.

Sasken Communication Technologies Ltd fell 4.1% to Rs.245.40 after it said its revenue took a hit even though third quarter net profit rose 45%. Net profit in the December quarter rose to Rs.16.13 crore from Rs.11.12 crore in the year-ago quarter, the company said. Revenue in the period fell 5% to Rs.107.27 crore from Rs.113.14 crore.

Zensar Technologies Ltd rose 2.4% to Rs.657.40 after the company reported a net profit of Rs.69.53 crore for the three months ended December, an increase of 37.1% from Rs.50.71 crore in the year-ago period.

Hindustan Zinc Ltd rose 1% to Rs.161.95 after the company reported a 38% rise in net profit in the October-December quarter at Rs.2,379 crore on higher zinc, lead and silver sales.

BASF India Ltd, Jindal Saw Ltd, JSW Holdings Ltd, Kirloskar Oil Engines Ltd, Praj Industries Ltd, Rallis India Ltd, South Indian Bank Ltd will issue their earnings for the December quarter later in the day.

The International Monetary Fund (IMF) said India is projected to outpace China by growing 6.5% against the 6.3% growth expected for its northern neighbour in fiscal year 2016-17-third year of the Narendra Modi government-thus becoming the fastest growing major economy in the world.

So far in 2015, the Sensex has gained 2.8%, while foreign institutional investors have bought $ 155.7 million from local equity markets and bought $ 2.02 billion from the debt market.

Asian markets were trading higher after China’s economy expanded by 7.4% in 2014, better than forecast, although it was the slowest annual growth rate since 1990, reports Financial Times. The Shanghai Composite bounced back and was up 1.7%, Hong Kong’s Hang Seng gained 0.6%, while Japan’s Nikkei Stock Average advanced 1.5%.

Overnight, US markets were shut because of Martin Luther King, Jr. Day.


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