BackWrap-up| Promise of reforms, lower oil buoy stocks
Wrap-up| Promise of reforms, lower oil buoy stocks
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Mumbai: Despite the ruckus in Parliament and some roll backs, the government came good on its promise to introduce the Banking Amendment Bill and the Goods and Services Tax law. That, coupled with receding concerns about Japan and a marginal decline in crude oil prices, propelled Indian stocks to their first gain in four days.
Sensex: 17988.3, 0.84%
Nifty: 5413.85, 0.92%
Nikkei: 9608.32, 4.36%
Topix: 868.13, 4.54%
All sectoral indices closed up, with real estate companies leading the way followed by the auto and health care indices. The government rolled back 5% service tax on health care.
Realty: 2078.84, 2.19%
Auto: 8591.63, 1.53%
Moving on to individual stocks, Coal India Ltd touched an intra-day high of ₹ 371 apiece on reports of better profitability driven by price increases because output of the company is expected to decline. The stock has delivered fantastic returns to investors since its listing in November. Maruti Suzuki India Ltd recovered some of its losses. Sesa Goa was up by 1.5% following the announcement of acquiring assets of Bellary Steel & Alloys Ltd.
Coal India: ₹ 359.75, 3.93%
Maruti Suzuki India: ₹ 1171.85, 3.58%
Sesa Goa: ₹ 262.8, 1.51%
While oil will continue to remain a concern in the near term, the focus of investors will also move towards earnings and fiscal 2012 guidance as the financial year draws to a close.
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