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Business News/ Market / Stock-market-news/  Sensex closes 53 points higher ahead of GDP data, RBI policy review
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Sensex closes 53 points higher ahead of GDP data, RBI policy review

Gains were led by buying in blue chips such as Infosys and HUL; the Nifty ended 18 points up at 8,494.20

Shares of Bhel, Hindustan Unilever and Hindalco Industries advanced. Among losers were ITC, Bharti Airtel and oil marketing companies such as HPBL, BPCL and Indian Oil. Photo: Hemant Mishra/Mint Premium
Shares of Bhel, Hindustan Unilever and Hindalco Industries advanced. Among losers were ITC, Bharti Airtel and oil marketing companies such as HPBL, BPCL and Indian Oil. Photo: Hemant Mishra/Mint

Mumbai: The 30-share bellwether S&P BSE Sensex gained on Thursday, led by buying in blue chips such as Infosys Ltd and Hindustan Unilever Ltd (HUL), while caution prevailed ahead of the release of economic growth data on Friday and the RBI’s policy review on 2 December.

The government will issue gross domestic product (GDP) data for the September quarter and fiscal deficit data for October on 28 November. The Reserve Bank of India (RBI) will announce its monetary policy on 2 December. A Bloomberg poll estimates GDP for the September quarter will be 5.1% as against 5.7% in the June quarter.

The Sensex closed 0.19%, or 52.72 points, higher at 28,438.91 points, while the National Stock Exchange’s broader barometer 50-share Nifty added 0.22%, or 18.45 points, to end at 8,494.20.

Among gainers, Bharat Heavy Electricals Ltd rose 4.35% to 283, HUL climbed 2.71% to 789.15, while Hindalco Industries Ltd advanced 2.07% to 172.65.

ITC Ltd fell 0.70% to 360.75. An expert panel constituted by India’s health ministry has proposed expanding the ban on tobacco advertising to include videos and advertisements on the Internet, Bloomberg reported, quoting panel member Prakash Gupta.

Bharti Airtel Ltd fell 1.91% to 385.85 after analysts said the company was likely to be impacted after Nigeria devalued its currency and increased its lending rate.

Among sectoral indices, S&P BSE IT index was the top gainer, up 1.08%, while the S&P consumer durables index was the top loser, down 0.99%.

Shares of Infosys gained 1.61% to 4366.90 apiece.

Shares of oil marketing companies rose after the price of brent crude, the world benchmark for oil, touched $76.28 a barrel, the lowest since September 2010. Hindustan Petroleum Corp. Ltd (HPCL) rose 3.25% to 547.85, Bharat Petroleum Corp. Ltd (BPCL) rose 1.80% to 720.05 and Indian Oil Corp. Ltd rose 1.79% to 349.25. Oil and Natural Gas Corp. Ltd (ONGC) fell 0.91% to 382.20. Mint reported on Thursday that the fall in global crude oil prices threatens to erode the benefits of higher domestic gas price for the company.

Shares of India Cements Ltd fell 0.68% to 94.60 after the Supreme Court asked the Board of Control for Cricket in India (BCCI) why the Chennai Super Kings team should not be terminated. The court is also trying to ascertain if there is any conflict of interest between India Cements managing director N. Srinivasan’s holding in an Indian Premier League (IPL) cricket team and his role as head of the nation’s cricket body.

Shares of Jaypee group companies fell after news reports said the enforcement directorate had registered a case against Jaiprakash Associates Ltd for money laundering and violations of environment laws. Jaiprakash Associates fell 1.69% to 29.15, while Jaypee Infratech Ltd fell 2.31% to 21.15.

Crompton Greaves Ltd fell 6.11% to 191.95 after the company offloaded 8.4% of its equity in block deals. The company sold 52 million shares held by Avantha Holdings Ltd.

Reliance Capital Ltd rose 5.33% to 528.20 after Mint reported that Nippon Life Insurance Co. will pick up an additional 9% stake in Reliance Capital Asset Management Co. Ltd, raising its holding to 35%. The agreement also gives Nippon an option to increase its stake in the asset management company to up to 49% in 2-3 years.

8K Miles Software Services Ltd rose 9.99% to 625.65 after the company acquired SERJ Solutions to enhance healthcare cloud offering.

Texmaco Rail and Engineering Ltd rose 1.63% to 121.85 after the company said it approved selling 28 million shares at 107 to qualified institutional buyers.

Since the beginning of this year, the Sensex has gained 34.03%, while foreign institutional investors have bought $15.73 billion from local equity markets.

Reuters contributed to this story.

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Published: 27 Nov 2014, 10:20 AM IST
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