India/ BSE Stock News; Indian Stocks Recover On Hopes Of Rate Cut: State Bank of India, ICICI Bank, ITC, HUL, Infosys
Category: Investment, India
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News about Bombay Stock Exchange
New York, NY - April 12, 2012 - www.InvestorIdeas.com, a global investor research portal for independent investors, issues the following market and economic commentary for investors following BSE stocks and investing in India.
Indian stocks jumped on Thursday on hopes the central bank of India may raise the interest rate in next week's monetary policy as industrial output data came well below economists' estimates.
India's industrial production grew 4.10% in February from a year earlier, well below the market consensus of about 6.7%. The growth weighed down by a contraction in consumer durables and consumer goods.
Interest rate sensitive sectors like banking, Automobiles and infrastructure were among the leaders as possible rate cuts would help them growing their business.
Bank stocks were also helped as India's inter-bank call money rate slid on Thursday, which increased liquidity in a sector facing an acute cash crunch.
The Sensex was up 133.22 points or 0.77% at 17332.62. It made intraday high of 17395.15 and low of 17276.87. The National Stock Exchange's Nifty was at 5276.85, up 50 points or 0.96%. The broader index made a high of 5290.60 and low of 5246.75.
State Bank of India added 3.20%, while ICICI Bank moved 1.50%.
Shares of ITC and HUL added 1.8% and 1.2%, respectively. Among metals stocks, Tata Steel, Hindalco and Sterlite Industries climbed 1-2%.
Max India gained 6.5% on a report from CNBC-TV18 that Japan's Mitsui Sumitomo is considering a 26% stake in Max New York Life Insurance worth 984 crore for 9.37% Max New York stake sale.
Indraprastha Gas shares fell about 4% after The Delhi High Court denied staying a regulator's order to the company to cut the price of CNG and piped gas in the city and refund the excess amount charged to consumers since 2008.
In the airline sector, SpiceJet and Kingfisher plan to join hands to import aviation turbine fuel (ATF) in a bid to bring down their fuel bills. Shares of SpiceJet were down 1.90% and Kingfisher fell 3%.
Jet Airways also ended lower by over 3% after the company said there have been some delays in its payments to airports due to rising fuel costs and a depreciating rupee.
On Wednesday, airline stocks among major gainers on hopes of FDI approval in the sector.
Infosys was down 1.20% ahead of Q4 earnings tomorrow. Analysts are estimating a fall of 3.40% in its net income. Learn more about Investing in India at Invsestorideas.com
http://www.investorideas.com/ISM/ and www.Indiastockmarket.com
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