Sensex extends gains on reform hopes, up 57 pts
The benchmark Sensex on Thursday rose 57 points on persistent buying in capital goods, IT and banking stocks as the rejection of a no-trust motion against the government bolstered hopes of more reform measures. Higher global advices, coupled with sustained capital inflows, also boosted the market sentiment. The BSE barometer resumed higher at 18,510.94 and shot up further to 18,567.68 before ending at 18,517.34, showing a net gain of 56.96 points, or 0.31%. Yesterday, it was up by 131.06 points or 0.72%. The NSE 50-share Nifty also moved up 12.95 points or 0.23% to finish at 5,627.75. Smart rise in heavyweights like ITC, Infosys, L&T, HDFC Bank, SBI and Mahindra & Mahindra mainly supported the Sensex surge, while fall in Tata Motors, ICICI Bank and RIL restricted the rise to some extent, a broker said. An attempt by former UPA ally Trinamool Congress to bring a no-confidence motion against the government over FDI in retail failed in the Lok Sabha for want of requisite numbers, which supported the uptrend, the broker said. Capital goods, IT, Teck, FMCG, PSU and banking stocks firmed up on good buying enquiries. State Bank of India was the biggest gainer among the 30-Sensex scrips with gains of 1.89% after the government said it will recapitalise PSU banks to meet Basel III norms.
LIC sells over 2% stake in Maruti Suzuki India since ’09
The country's largest insurer, Life Insurance Corporation of India (LIC), has sold over 2% stake in Maruti Suzuki India over a period of time, thereby reducing its total holding in the carmaker to a little over 10%. LIC sold 58,29,103 shares of the company, aggregating 2.018% stake, between August 24, 2009, and November 11, 2012, through the open market, Maruti Suzuki India (MSI) said in a filing to the BSE. After the sale, LIC's holding in MSI stands at 10.777%, it said. Before the transaction, LIC held 12.794% in MSI, with 3,69,64,231 shares. The equity share capital/total capital of MSI remains at 144.46 crore after the transaction. Scrip of MSI closed at R1,492 per share