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Rediff.com  » Business » Markets end higher led by ONGC

Markets end higher led by ONGC

Last updated on: February 19, 2013 16:17 IST

BSEAfter a range bound trading session in the first half markets firmed up in late trades to end nearly 1% higher on Tuesday led by gains in exploration major ONGC along with software and FMCG shares. The Sensex ended up 135 points at 19,636 and the Nifty added 41 points to close at 5,940.

The broader markets firmed up in the last hour of trade with the midcap and the smallcap indices gaining 1% each.

In Asia, stock markets in Hong Kong declined for a second straight day on Tuesday, weighed down by real estate and financials, as investors grew concerned that both Beijing and Hong Kong would launch more curbs to cool rising property prices. The Hang Seng Index closed down 1% at 23,144.The Shanghai Composite Index ended down 1.6% at 2,383. The Nikkei too dropped 0.3% at 11,372.

European shares edged higher and the euro was steady on Tuesday ahead of German economic sentiment data, while the yen rose after Japanese ministers played down talk the Bank of Japan might buy foreign bonds to loosen credit.

European stock markets, which lost around 1.5 percent since the end of January, bounced backed from Monday's weak session in early trading, with the FTSEurofirst 300 up 0.4% led by 0.7 and 0.5% gains on Paris's CAC-40 and Frankfurt's DAX .

Back home, all the sectoral indices closed with atleast 0.3% gains. Realty, IT, Health Care, Power, PSU and Oil & Gas were the top gainers, up 1-2%.

Exploration major ONGC was the top Sensex gainer up 4% as the company revives plans to set up a liquid gas (LNG) import terminal near its Mangalore refinery in Karnataka.

The other major gainers were auto names like Bajaj Auto and Maruti Suzuki up over 2% each. BHEL and Cipla too added 2%. Wipro, Sterlite, NTPC, Infosys, Hindustan Unilever, Dr Reddys Lab, TCS and Hindalco which added 1% each were the other notable gainers.

On the losing side were Bharti Airtel down nearly 2% followed by Hero MotoCorp, Gail India and Coal India down 1% each.

Among other stocks, cement stocks ACC and Ambuja Cements gained 2-3% after shareholders at each of the cement makers separately approved paying technology fees to controlling stakeholder Holcim of 1% of net annual sales.

Hotel Leelaventure shares rose 10% to Rs 27, a day after the company sold its IT park building in the city of Chennai for 1.7 billion rupees to Reliance Industries, according to an exchange filing.

Shares of Kingfisher Airlines were locked at upper circuit at Rs 10.53 after controlling stakeholder United Breweries Holdings raised the amount it can lend to the ailing carrier.

Shares of Essar Ports extended gains and were up nearly 8% at Rs 93 after the company said that the lenders have released the shares pledged and the same have been re-pledged with the trustees.

The market breadth was very positive. 1365 stocks advanced while 739 stocks declined on the BSE.

Jinsy Mathew in Mumbai
Source:
Tags: ONGC, FMCG, TCS, PSU, ACC