BSE Sensex edges higher on hopes of positive factory, inflation data

Jun 12 2014, 18:15 IST
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BSE Sensex rises 102.32 points to end at 25,576.21; NSE Nifty up 23.05 points to close at 7,649.90. (AP) BSE Sensex rises 102.32 points to end at 25,576.21; NSE Nifty up 23.05 points to close at 7,649.90. (AP)
SummaryBSE Sensex edged higher on Thursday as blue-chips such as HDFC Bank rose...

company named former SAP AG top executive Vishal Sikka as Chief Executive Officer, the first time it has not chosen one of its founders for the role.

Bharti Airtel slumped 3.8 percent after Credit Suisse downgraded the stock to "underperform" from "neutral," citing competition from rival Rel Jio, a unit of Reliance Industries.

Anindya Banerjee, currency analyst, Kotak Securities: One more quite trading day for the currency traders in India, with the Dollar/Rupee pair being locked within a ten paise range of 59.26/28 and 59.36 levels on spot. Large speculators have shied away from taking large bets on the currency, ahead of the Union Budget next month. Even offshore market is now trading almost at par with domestic forwards prices. However, lack of demand for paying at the longer end of curve from the central bank has led to forward premium contracting by 20/25 paise. Indian equity markets have managed to score a gain of 0.4% on the main indices with healthcare and auto leading the gains but Oil & gas and PSU stocks under selling pressure. Over the near-term a range of 59.00/59.20 and 59.40/50 on spot is expected to be the range on the Dollar/Rupee.

FACTORS TO WATCH

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* Brent climbs above $111 on escalating violence in Iraq

* Oil at three-month high on Iraq anxiety

HIGHLIGHTS

* BSE index gains 0.4 pct; NSE ends 0.3 pct higher

* Bharti Airtel slumps on Credit Suisse downgrade

* Infosys surges after naming former SAP executive as CEO

Sensex rebounds 102 pts ahead of IIP, inflation data

(PTI) The benchmark Sensex recouped most of the previous session losses to end 102.32 points up near record highs powered by gains in HDFC, TCS and Sun Pharma shares ahead of industrial output and retail inflation data release due later today.

Smallcap and midcap stocks were also seen back in demand, helping sentiments improve, said equity dealers.

The BSE Sensex resumed higher at 25,597.21 and firmed up further to a high of 25,611.32 on initial buying support. It declined afterwards to 25,409.69, before settling at 25,576.21 -- showing a rise of 102.32 points, or 0.40 per cent.

Yesterday, the bluechip index had lost 109.80 points after hitting a new lifetime high of 25,735.87.

Brokers said the

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