Mumbai: The BSE Sensex on Tuesday shut shop at 17728.20 up 94.75 points or 0.54 per cent and the Nifty closed at 5380.35 up 32.45 points or 0.61 per cent. The Nifty closed near 5-month high surpassing barrier of 5350 mark and setting positive undertone for the market in the near term.
The market shrugged off gloomy trade deficit data and gave thumbs up to lower than expected monthly inflation data.
India's wholesale price index (WPI) rose a lower-than-expected 6.87 per cent in July from a year earlier, mainly driven by higher food prices. Analysts on average had expected an annual rise of 7.37 per cent.
Banking stocks were the biggest beneficiary from inflation data as it also sparked hopes of rate cut from the Reserve Bank of India. Bank Nifty locked 1 per cent gain.
The breadth of the market was neutral. About 1378 shares advanced, 1374 shares declined, and 691 shares remain unchanged.
Beaten down stocks post tepid quarterly results were leading the rally in Nifty today. Tata Motors, Ranbaxy, Tata Steel closed with hefty gains of over 2 per cent. SBI and Bharti Airtel were exceptions in that list.
Major results announced on Tuesday
Reliance Infrastructure's standalone net profit fell 24 per cent year-on-year to Rs 327 crore in the quarter ended June 2012 despite sharp jump in other income. The total income from operations increased 6.6 per cent to Rs 3447.3 crore from Rs 3691 crore during the same period.
Reliance Power, India's second-largest private electricity producer by market value, posted a 23 percent rise in first-quarter net profit, in line with expectations, as generation capacity doubled compared to the previous period.
The world's largest aluminium rolling company Hindalco Industries' net profit fell 34 per cent year-on-year to Rs 425 crore in the June quarter. Analysts on an average had forecasted PAT of Rs 518 crore.
Amara Raja Batteries: Recharged
Amara Raja Batteries was the star performer of the day. India’s second largest battery manufacturer reported close to 100 per cent jump in bottomline. The operating performance of the company was equally strong. The stock closed at life time high.
Swift recovery for Maruti
Maruti Suzuki India is understood to have decided on resuming partial production at its violence-hit Manesar plant by next Tuesday. "Almost all the assessments have been completed and partial resumption of the Manesar plant is likely next week.
Change of Guard at Tata Motors
Tata Motors on Tuesday appointed Karl Slym as its managing director. The post had been vacant since PM Telang retired in June. The stock surged 3 per cent.
Slym has been with US auto maker General Motors for 17 years and is currently executive vice president and board member of China's SGMW Motors.
German, French data boost Europe, euro
European shares and the euro rose on Tuesday as slightly better than expected performances by the German and French economies in the second quarter eased anxiety about wider euro zone data that are likely to show the bloc sliding back towards recession.
Demand for gold in India, one of the top buyers in the world, remained subdued on Tuesday after prices moved higher on a weak rupee and chasing a similar trend overseas.
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