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Stock market update: Sensex, Nifty up as Tata Motors, ICICI Bank shares gain

Feb 04 2013, 15:05 IST
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The BSE index gains 0.43 percent, while the 50-share NSE index advances 0.46 percent.  (Reuters) The BSE index gains 0.43 percent, while the 50-share NSE index advances 0.46 percent. (Reuters)
SummaryThe BSE benchmark Sensex trimmed its initial gains but was still quoted higher by 95 points.

At 14: 14 p.m.: * The 30-share BSE index Sensex is up 0.17 percent while the 50-share NSE Nifty index rises 0.1 percent.

* Tata Motors Ltd gains 4.8 percent after briefly plunging as much as 10 percent on Friday because of a technology trading glitch from brokerage Religare Capital Markets.

* Power Finance Corp Ltd and Rural Electrification Corp Ltd shares gain over 4 percent each on speculation the government is preparing to offer new incentives to revive stalled power projects.

* ICICI Bank adds 1.8 percent after falling 3.4 percent in the previous two sessions.

* Bank of Baroda shares fall 6.5 percent after the bank's October-December earnings disappointed investors.

* Shares in IDFC fell 4.5 percent after the lender and consultant for infrastructure projects registered a weak loan growth in the December quarter.

Sensex trims initial gains, Tata Motors, UltraTech Cement, ICICI Bank shares top gainers

At 11 a.m.: The BSE benchmark Sensex trimmed its initial gains but was still quoted higher by 95 points in the late morning trade on the back of fresh buying mainly in Auto, Realty, Consumer Durable and Banking sectors amid firm global cues.

Sustained capital inflows from foreign funds also boosted the market sentiment as foreign institutional investors (FIIs) bought shares worth a net Rs 763.28 crore last Friday, as as per provisional data from the stock exchanges.

The BSE benchmark Sensex resumed higher at 19,860.97 and shot up further to a high of 19,902.60. But fell afterwards to a low of 19,847.81 before quoting at 19,876.38 a 1025hrs, still showing a gain of 95.19 points or 0.48 per cent from its last weekend's level.

The NSE 50-share Nifty also firmed up by 28.60 points or 0.48 pct to 6,027.50 at 1025 hrs.

Major gainers were Tata Motors ((3.16 pct), ICICI Bank (2.05 pct), HDFC (1.50 pct), TCS (1.39 pct) and Jindal Steel (1.38 pct).

Asian stocks rose in their early trade as US jobs and manufacturing data boosted optimism in the world's biggest economy. Key benchmark indices in China, Hong Kong, Japan, Singapore and Taiwan rose by 0.01 pct to 0.76 pct while South Korea's Kospi fell 0.06 pct.

Tata Motors shares gain 3.5 percent and UltraTech Cement Ltd advances 3.6 percent after briefly plunging as much as 10 percent each on Friday, because of a technology trading glitch from brokerage Religare Capital Markets.

Oil

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