Rediff.com  » Business » Markets end higher led by metals; Sesa Sterlite up 4%

Markets end higher led by metals; Sesa Sterlite up 4%

By Tulemino Antao
Last updated on: December 29, 2014 16:18 IST
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The Bombay Stock ExchangeMarkets gained for the second straight session led by metal shares on hopes that the government may adopt ordinance route for mines sector reforms. Further, Finance Minister Arun Jaitley's comment that the economy is expected to grow "much better" in 2015-16 as compared with the current financial year also boosted sentiment.

The 30-share Sensex ended up 154 points at 27,396 and the 50-share Nifty ended up 46 points at 8,246.

The Indian rupee continued to trade weak against the US dollar and was down 10 paise at Rs 63.66.

However, firm equity markets helped cap some of the losses. Meanwhile, foreign institutional investors were net buyers in Indian equities to the tune of Rs 40 crore.

BSE Metal index was the top sectoral gainer up 2.4% followed by Realty, Auto, Power, Oil and Gas indices. Reliance Industries gained 1%.

The company said it has planned turnaround at its Nagothane manufacturing site.

The cracker and some of the downstream units will be shut for approximately four weeks, starting around mid-January 2015.

ONGC ended up 0.4% amid media reports suggest that the company and Cairn India are going to develop and produce gas from the Barmer block in Rajasthan. Sesa Sterlite ended nearly 4% higher after Kotak Securities has upgraded the stock to “BUY” from “REDUCE” at a target price of Rs 250.

Among other metal shares, Hindalco, Tata Steel, Coal India ended up 2-3% each. BHEL gained 0.9% amid media reports that the PSU engineering major is eyeing opportunities in Mozambique and Laos.

L&T pared early gains and ended marginally up.

The company said it has bagged an offshore contract valued at Rs 894 crore from the Oil & Natural Gas Corporation (ONGC). Bharti Airtel ended down 1.1% after it decided against launching the recently announced special data packs for voice over internet protocol (VoIP) calls.

Bank shares witnessed profit taking with SBI, ICICI Bank and Axis Bank down 0.1-0.6% each.

Among other shares, Spice Mobility surged 20% after the company announced that its promoter planning to voluntarily delist the equity shares of the company from the NSE and BSE.

Career Point has surged 9% after the company said it has signed a memorandum of understanding (MOU) with Rajasthan Skills and Livelihood Development Corporation (an undertaking of Government of Rajasthan) to impart skill development training.

Aban Offshore surged 17% after the rating agency Credit Analysis & Research (CARE) upgraded the credit rating of the oil exploration and production company. Gujarat Pipavav Port gained 9% on the back of heavy volumes.

Recently, the company has entered into an arrangement with NYK Auto Logistics (India) Pvt. Ltd. wherein NYK has been sub-leased land for developing a dedicated common user integrated RO-RO (roll-on/roll-off) yard at Pipavav Port.

Elder Health Care surged 15% after the company said it is in talks with a Japanese multinational company to introduce its products under the skin care segment into the country. In the broader market, the BSE Mid-cap index ended up 0.9% and Small-cap index gained 0.5%. Market breadth ended strong with 1,610 gainers and 1,313 losers on the BSE.

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Tulemino Antao in Mumbai
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