» Business » Sensex snaps 3-day losing streak, RIL leads

Sensex snaps 3-day losing streak, RIL leads

December 13, 2011 16:37 IST

BSEStocks snapped a three-day losing streak, amid a volatile trading session Tuesday, on account of shortcovering in index heavyweights Reliance Industries and Infosys.

The 30-share Sensex ended above 16,000 at 16,003, up 132 points and the 50-share Nifty ended above 4,800 at 4,801, up 36 points.

The Sensex and the Nifty had both lost over 6% in the last three trading sessions.

Reliance Industries accounted for a 32-point gain on the Sensex while Infosys accounted for a 14-point gain. Reliance Industries had lost just over 10% in the last three trading sessions.

Meanwhile, billionaire Mukesh Ambani-led Reliance Industries Ltd has lost its position as the Indian stock market's most influential individual company to IT major Infosys, following a recent plunge in its share price.

Other notable gainers on the Sensex included Jindal Steel and HDFC Bank.

The government today said the current fiscal may end with inflation of around 7%, driven by moderation in demand side pressures and record foodgrain production this year.

The Indian rupee tanked by 56 paise to a historic low of Rs 53.40 per US dollar in early trade today due to persistent demand for the American currency from banks and importers on the back of a higher dollar in overseas markets and weak domestic equity markets.

On the sectoral front, BSE Metal index saw some buying activity which took the index 2% higher at 10,189. Hindalco Industries, Jindal Steel & Power, Steel Authority of India, up 4-6%

each, were the notable gainers from the space.

BSE Oil & Gas and Auto indices, up 1% each, also ended in the green.

BSE Consumer durables ended 2% lower at 5,476. Titan Industries, VIP Industries and Blue Star, down 2-4% each, were the prominent losers from the pack.

Among the Auto stocks, Mahindra & Mahindra gained 3% at Rs 706 over reports that Mahindra 2 Wheelers, a part of the $14.4-billion Mahindra Group,is gearing up to re-enter the segment with its commuter bike – 110-cc Stallio, according to Viren Popli, senior vice-president (strategy and market development – two wheeler sector).

Larsen & Toubro ended down 2% at Rs 1,172 on the back of weak capital goods IIP numbers announced by the government on Monday. Meanwhile, towards the closing bell, the company announced that it's construction division has bagged new contracts worth Rs 2,164 crore in the infrastructure segment from GMR Infrastructure.

Colgate-Palmolive (India) ended higher by 2% at Rs 1,030 after the board of directors declared an interim dividend of 900% for this financial year.

"The board of directors of the company, at its meeting held on December 12, has declared a second interim dividend of Rs 9 per equity share on face value of Rs 1 for the financial year ended March 31, 2012," the personal products maker said in a filing to the stock exchanges.

The overall market breadth was negative as 1,620 stocks declined against 1,105 advancing ones, on the BSE.

Shilpa Johnson in Mumbai
Source: source