RTTN: Indian Market Ends Higher For Third Day; Metals Lead
(RTTNews) - A return in risk appetite amid improving corporate earnings outlook along with a rally in the U.S and the European markets overnight lifted the Indian market notably higher on Tuesday.
Metal stocks outperformed tracking gains among their global peers on the back of higher commodity prices, followed by high-beta realty and telecom stocks, but profit taking in the auto sector limited big gains in the frontline indexes.
India's largest vehicles maker Tata Motors fell nearly 2%, car maker Maruti Suzuki declined 2.27%, and truck and bus maker Ashok Leyland ended down 1.43%.
Market heavyweight Reliance Industries also ended down 0.54%, a day after it raised $577 million through treasury share sales.
The benchmark Sensex moved in a range of 17,730-17,556 before finishing at 17,686, up 128 points or 0.73% and the Nifty rose by 46 points or 0.87% to 5,278.
The broader markets continued to outperform, with the BSE mid-cap and the small-cap indexes rising by 1.20% and 0.85%, respectively. The market breadth on the BSE was extremely positive, with 1780 gainers versus 1104 decliners.
In the Sensex pack, Aluminum producer Hindalco soared 7.39%,copper producer Sterlite Industries rallied 4.57% and steel maker Tata Steel advanced 2.36%. Jaiprakash Associates surged up 5.79% after reporting a 60% jump in cement sales for December.
Bharti Airtel gained 1.57% on reports it has received approval from the Bangladesh telecom authority for investing $300 million in Abu Dhabi Group's Warid Telecom. JSW Steel climbed nearly 11% after reporting a 88% growth in quarterly steel production in the third quarter.
Private sector lender ICICI Bank added 0.98% after it partnered with UK Trade and Investment to assist Indian companies explore business opportunities in the British market.
Prism Cement rose 1.58% on announcing strong third-quarter results. Godrej Properties rose over 9% from its offer price on its debut. State-controlled MTNL jumped over 10% after it launched a 20 MBps broadband service tailored for corporate customers in Mumbai.
SVC Resources added 2.12% after it acquired exclusive mining operations at Dhamki, Jabalpur district in the state of Madhya Pradesh. Ashiana Housing rose 1.60% after it entered into a joint venture with Manglam Group for developing a group housing project.
Orchid Chemicals & Pharmaceuticals rose 0.38% after buying back foreign currency convertible bonds worth $19.78 million. Suzlon Energy advanced 2.78% on speculation the company will raise up to $500 million from private equity investors.
