Indian shares rise on firming Asian markets
Mar 12, 2007 - 6:44:07 PM
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Cement stocks had tumbled on Friday after Commerce Minister Kamal Nath said manufacturers had agreed not to raise prices for a year.
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By IANS,
[RxPG] Mumbai, March 12 - Indian shares rose 0.14 percent Monday following firming up of Asian markets, buoyed by gains made by blue chip shares after recovering ground over the weekend.
The 30-share benchmark index of the Bombay Stock Exchange, Sensex, gained 17.64 points or 0.14 percent at 12,902.63 marks.
The Sensex, which fell to a five-month low on March 5 amid a global meltdown, has recovered some ground but is still almost 12 percent off its record high of 14,723.88 hit on Feb 9.
Similarly, the broader 50-issue National Stock Exchange - index, Nifty, was up 0.67 percent or 25.55 points at 3,743.00.
Market analysts, however, cautioned of further corrections, before the upside is capped. 'The Sensex could get close to the 13,100-13,300 level once again before resuming its downslide,' an analyst told IANS Monday.
Leading the gainers were telecom service provider Bharti Airtel Ltd, up 2.61 percent at Rs.769.75, followed by top software exporter TCS Ltd, up 2.15 percent at Rs.1,238.30 and leading engineering and construction firm Larsen and Toubro Ltd, up 1.89 percent at Rs.1,509.65.
State-owned oil and natural gas producer ONGC Corp Ltd, India's third largest software exporter Wipro Ltd, state-owned carmaker Maruti Udyog and leading private sector bank ICICI Bank were among others whose shares were in the green.
Cement stocks were among the major losers of the day, with top cement maker Gujarat Ambuja Cements leading the major losers, down 4.32 percent at Rs.105.20, followed by ACC, down 4.26 percent at Rs.747.60, and tobacco major ITC, down 3.47 percent at Rs.149.00.
Cement stocks had tumbled on Friday after Commerce Minister Kamal Nath said manufacturers had agreed not to raise prices for a year.
Sensex heavyweight Infosys Technology, cement maker Grasim Industries, Reliance Energy, Reliance Communication, leading public sector lender State Bank of India and pharmaceutical firm Ranbaxy Laboratories' stocks were in the red.
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