Cairn Energy Chief Executive Gammell and Vedanta Chairman Agarwal pose for a picture during a news conference in Mumbai
BSE Sensex rises 1.5 pct on lenders, recovery in ADAG pack * Outlook for next week uncertain - fund manager * Tata Motors races ahead; Q3 earnings beat estimates * Financials rebound; banking sector index gains 3.5 pct (Updates to close) By Ami Shah MUMBAI, Feb 11 (Reuters) - Indian shares snapped a three-day losing streak and gained 1.5 percent on Friday, helped by a gains in financials and a late recovery in Anil AmbaniAnil Ambani shares. However, the benchmark index .BSESN still shed 1.6 percent this week and posted its third straight weekly decline. Shares in Anil Ambani-led companies recovered after an early slide after the Reliance ADA Group blamed stock brokers for spreading "baseless sensational charges" against the group. [ID:nSGE71A05I] The 30-share BSE index ended up 1.52 percent, or 265.57 points, to 17,728.61, with 21 of its components advancing. "It looks like there is some bottom-fishing and value buying happening," said Nitin Rakesh, CEO of MotilalMotilal Oswal's asset management business, adding that valuations had turned attractive in certain "pockets." "But, it is difficult to say if we have formed a bottom or will we see more pain next week. The corruption issues continue to weigh and may check big gains," said Rakesh. The benchmark has declined 13.6 percent year-to-date, as foreign funds pulled out $1.5 billion from Indian equities. A spate of corruption scandals has crippled the government, leading to arrests of politicians and company executives, and rattled a market worried about where the next shoe may drop. [ID:nSGE71906U] Corruption scandals and an investor pullback from emerging markets left Indian equity funds among the worst performers in January, while euro zone funds proved the biggest gainers, Lipper data showed. [ID:nLDE7190TG] Reliance Infrastructure (RLIN.BO) closed 5.2 percent higher, while Reliance Communications (RLCM.BO) firmed 0.6 percent at close. Reliance Power (RPOL.BO) rose nearly 2 percent. Financials pulled back after falling for most of the week. The banking sector index .BSEBANK rose 3.5 percent, but is still down 1.8 percent this month. Top lender State Bank of India (SBI.BO) firmed 3.5 percent, while leading private lenders ICICI Bank (ICBK.BO) and HDFC Bank (HDBK.BO) gained 4.2 percent and 2.1 percent, respectively. Mortgage lenders Housing Development Finance Corp (HDFC.BO) gained 3.9 percent. Tata Motors (TAMO.BO), India's leading truck maker that also produces cars, closed 3.8 percent higher. Towards the market close, it reported quarterly net profit nearly quadrupled, topping forecasts, on strong demand in India and improved performance at its Jaguar and Land Rover unit. [ID:nSGE7190AP] Telecom companies continued to be under pressure after India's telecoms regulator proposed steep rises in the price of 2G mobile radio waves earlier this week. Bharti Airtel (BRTI.BO) and Idea Cellular (IDEA.BO) ended down 1.1 percent and 2.1 percent, respectively. Nearly three shares advanced for every share that declined in the broader market in a volume of 336 million shares traded on the BSE, higher than its 30-day average daily volume of 306 million shares. The 50-share NSE index .NSEI gained 1.6 percent to 5,310. At 1032 GMT, world stocks measured by MSCI All-Country World Index .MIWD00000PUS slipped 0.5 percent, while the MSCI emerging market index .MSCIEF dropped 0.7 percent. STOCKS THAT MOVED * Cairn India (CAIL.BO) rallied 3.8 percent to 325.85 rupees after its December quarter net profit soared seven times from a year ago, and the oil explorer said uncertainty over a deal with Vedanta VEDL.L deal was ending. [ID:nWNAS0903] [ID:nWNAS0908] * Educational IT services provider Educomp Solutions (EDSO.BO) rose 5.9 percent to 437.65 rupees after it said profit in October-December surged 56 percent, as its school learning solutions segment showed strong growth. * Essar Shipping Ports & Logistics (ESRS.BO) jumped 9.2 percent to 86 rupees after the company said it signed a pact with the Port of Antwerp International for strategic collaboration. [ID:nSGE71A00O] MAIN TOP THREE BY VOLUME * Unitech (UNTE.BO) on 10.9 million shares * Lanco Infratech (LAIN.BO) on 7.6 million shares * Parsvnath Developers (PARV.BO) on 6.8 million shares FACTORS TO WATCH * For technical analysis click on www.reuterstechnicals.com * Indian rupee report [INR/] * Indian bond report [IN/] * Dollar hits one-month high vs yen on jobs, euro drops [FRX/] * ICE Brent rises more than $1 on Egypt unrest [O/R] * Oil rises on Egypt tensions, stocks fall [MKTS/GLOB] * Mubarak speech sparks late gain; Dow hit by Cisco [.N] * For closing rates of Indian ADRs INADR (Reporting by Ami Shah; Editing by Aradhana Aravindan )
No comments:
Post a Comment