BSE Sensex rise 50 points on hopes of better IIP data

Feb 12 2013, 09:57 IST
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Sensex snapped its eight-session losing streak and recovered by 50.20 points to 19,510.77. (Reuters) Sensex snapped its eight-session losing streak and recovered by 50.20 points to 19,510.77. (Reuters)
SummarySensex snapped its eight-session losing streak and recovered by 50.20 points to 19,510.77.

The BSE benchmark Sensex today recovered by over 50 points in early trade, snapping its eight-session losing streak, on fresh buying by funds and retailers ahead of industrial output data, amid a firming trend in other Asian bourses.

The 30-share barometer rose by 50.20 points, or 0.26 per cent, to 19,510.77. It had lost nearly 545 points in the past eight sessions.

Similarly, the wide-based National Stock Exchange index Nifty moved up by 9.65 points, or 0.16 per cent, to 5,907.50.

Brokers said expectations of better index of industrial production (IIP) data for December to be released later today and a firming trend on the Asian markets, mainly triggered buying by funds and retail investors.

In the Asian region, Japan's Nikkei was up by 2.42 per cent in early trade. The US Dow Jones Industrial Average ended 0.16 per cent lower yesterday.

Stocks to watch-Feb 12

(Reuters): GLOBAL MARKETS ROUND UP

Nifty futures on the Singapore Exchange fell 0.02 percent. The MSCI-Asia Pacific index, excluding Japan was down 0.05 percent.

The yen hovered near fresh lows against the dollar and Tokyo stocks jumped back towards a 33-month high on Tuesday after comments from a U.S. official appeared to give Japan the green light to pursue policies that weaken yen as long as they help beat deflation.

U.S. stocks ended a quiet session with slight moves on Monday as investors found few reasons to keep pushing shares higher following a six-week advance, though the longer-term trend was still viewed as positive.

FACTORS TO WATCH

December industrial output (around 0530 GMT)

January consumer price inflation (around 0530 GMT)

Earnings: Steel Authority of India Ltd, Oil India Ltd, Hindustan Petroleum Corp Ltd, Jindal Steel and Power Ltd.

INDIAN STOCKS TO WATCH

FINANCIAL/REGULATORY

Yusuffali MA, who heads the $5.5-billion LuLu group that owns the eponymous hypermarket chain in the Middle-East, would be interested in buying a minority stake in Catholic Syrian Bank Ltd, should he be allowed to by Reserve Bank of India.

ENERGY/COMMODITIES

Oil and Natural Gas Corp Ltd posted net profit of 55.63 billion rupees ($1.04 billion) for its fiscal third quarter ended December, beating expectations for a 53.7 billion rupees net profit.

Coal India Ltd, Indian Oil Corp Ltd and NHPC Ltd are likely to be the main candidates for disinvestment next fiscal year, government officials said on condition of anonymity as they are not

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