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Markets rise 0.7%; automakers on top gear

Markets rise 0.7%; automakers on top gear
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First Published: Wed, Mar 10 2010. 10 15 AM IST
Updated: Wed, Mar 10 2010. 10 15 AM IST
Mumbai: Indian shares climbed 0.7% on Wednesday morning, with auto makers and Reliance Industries topping the list of gainers, as most Asian markets edged higher.
Automobiles stocks raced ahead on expectations of robust sales growth.
Tata Motors reversed some of Tuesday’s losses and climbed 2.3%. It had shed 3.2% on Tuesday as German carmaker Daimler sold all of its 5.34% stake in India’s top vehicle maker
Top car maker Maruti Suzuki India and top utility vehicle maker Mahindra & Mahindra rose 0.7% and 0.9% respectively.
By 10:20am, the 30-share BSE Index was trading up 0.73% at 17,176.84, with 25 of its components gaining. The 50-share NSE index was up 0.6% at 5,133.65.
“We are chugging along, as global cues are not that bad,” said Arun Kejriwal, director of research firm KRIS.
“The next driver would be quarterly earnings which start coming in next month. There should be no problem on that and we should fare better,” he added.
Energy giant Reliance Industries, which has the highest weight on the Sensex, rose 2.5% to Rs1,015.25. It had shed more than 3 percent over the last four sessions.
IT bellwether Infosys Technologies shed 0.1% as traders locked gains after the stock rose more than 2% over previous three sessions.
In the broader market, gainers outnumbered decliners in the ratio of 1.8:1, while 123 million shares changed hands on the Bombay Stock Exchange.
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First Published: Wed, Mar 10 2010. 10 15 AM IST
More Topics: Markets | India | Asia | Stocks | BSE |