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Sensex trims gains to 29 points after RIL shares slip

The BSE index closed in the positive terrain on jump in Tata Motors, Infosys, Tata Steel and HDFC, amid export growth in January helping trim the surging trade deficit.

twitter-logoPTI | February 11, 2014 | Updated 17:52 IST
Sensex trims gains to 29 points after RIL shares slip

The benchmark Sensex on Tuesday trimmed its morning gains to a mere 29 points at close dragged down by shares of Reliance Industries  Ltd  (RIL) after the Delhi government ordered filing of criminal case against its chief Mukesh Ambani.

The BSE index closed in the positive terrain on jump in Tata Motors, Infosys, Tata Steel and HDFC, amid export growth in January helping trim the surging trade deficit.

Index heavyweight RIL shares, however, slid nearly 2 per cent after the Delhi government ordered filing of criminal cases against Union Minister Veerappa Moily, former minister Murli Deora, Ambani and others following complaints of irregularities in pricing of natural gas in KG basin.

The Sensex opened higher and gained about 109 points intra-day as IT, Auto, tech and consumer durable sectors attracted good buying interest. It lost momentum as selling in power, realty and oil & gas shares picked up. The Sensex settled at 20,363.37, a gain of 29.10 points of 0.14 per cent compared to Monday's closing value of 20,334.27.

Overall, the 30-share index saw 15 scrips rising while 15 counters fell.

The NSE 50-share Nifty moved up 9.25 points, or 0.15 per cent, to end at 6,062.70. Monday, it had slid 9.75 points.

Tata Motors ended 2.83 per cent higher after its third quarter profit soared almost three-fold.

Meanwhile, country's exports increased 3.79 per cent and imports declined 18.07 per cent in January, helping the trade deficit to narrow to $9.92 billion.

Globally, Asian stocks ended higher before US Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy later in the global day. Key indices in China, South Korea, Singapore, Hong Kong and Taiwan ended 0.39-1.78 per cent higher.

European markets were also trading higher as indices in France, Germany and Uk moved up by 0.66 per cent to 1.02 per cent.

Foreign Institutional Investors (FIIs) sold shares worth a net Rs 455.18 crore yesterday, according to provisional data issued by the stock exchanges.

Jignesh Chaudhary, Head of Research, Veracity Broking Services (India) said: "It was a dull trading day in Indian equity markets which trade range bound. Good rise in Tata Motors, Infosys, TCS, ONGC, ICICI Bank, Tata Steel helped the market to trade in the green zone."

Besides Tata Motors, major Sensex gainers include Tata Steel (2 per cent), ONGC (1.40 per cent), HDFC (1.17 per cent), ICICI Bank (1 per cent) and Infosys (0.77 per cent).

Apart from RIL, the 15 Sensex losers include NTPC (2.21 per cent), Hindalco (2.01 per cent), Hero MotoCorp (1.83 per cent) and Maruti Suzuki (0.82 per cent).

"In this week, data for inflation and IIP shall come and will decide near term market trend. Markets in general are expecting easing of inflation numbers in January this year," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.

Among S&P BSE Sectoral indices, IT rose by 0.99 per cent, Auto by 0.77 per cent and Tech by 0.74 per cent while Power declined by 1.02 per cent and Oil and Gas by 0.58 per cent.

The overall market breadth was negative with 1,370 stocks losing ground while 1,266 finished with gains.

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