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Wrap-up| Crude down, stocks up

Wrap-up| Crude down, stocks up
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First Published: Wed, Apr 13 2011. 04 45 PM IST
Updated: Wed, Apr 13 2011. 04 45 PM IST
Mumbai: It’s like clockwork these days. Falling crude prices means gains for stocks and vice-versa. Wednesday was no different. Brent crude prices for May delivery declined to a two-week low of $120.20 a barrel after Libyan rebels said they would agree to peace proposals if Gadhafi relinquishes power. Read more...
Sentiment also got a fillip after official data in the UK pointed to an unexpected fall in unemployment. The fall in unemployment gave rise to expectations that the economy is back on track and job opportunities private sector are improving.The positive data lifted stock markets in the Europe, which further strengthened the rally in Indian stocks.
Sensex: 19,696 +2.25%
Nifty: 5,911 +2.17%
FTSE 100: 6,006 +0.71%
Stoxx 50: 2,943 +0.39%
Except for four stocks, all others in the Nifty-50 pack closed the day with gains. Shares of Hero Honda surged the most after the company said its board approved an interim dividend of Rs 70 per share. An ongoing buyback offer also helped Siemens register smart gains. Its parent company is looking to hike its stake in the Indian arm to 75%. Investors also bought JP Associates after they felt that the correction in the stock has been overdone.
Hero Honda: Rs 1,759 +7.37%
JP Associates: Rs 98 +7.36%
Siemens: Rs 886 +5.44%
HDFC: Rs 721 +4.50%
IDFC: Rs 159 +3.85%
All sectoral indices closed with gains.
CNX FMCG: 9,501 +2.35%
CNX Infra: 3,180 +2.30%
CNX IT: 7,306 +2.07%
Bank Nifty: 11,839 +2.08%
The improving outlook for the global economy led to buying in IT stocks. With the fourth quarter results around the corner, most IT stocks staged a smart pullback on Wednesday. Shares of Hexaware Technologies surged after the company said it signed a contract that help the company earn $10-$15 million of annual revenues with the US company.
Hexaware Technologies: Rs 72 +3.42%
Wipro: Rs 472 +2.71%
3I Infotech: Rs 47 +2.40%
Rolta India: Rs 151 +2.33%
TCS: Rs 1,203 +2.14%
Infosys Technologies: Rs 3,305 +1.96%
Overall it was a good day for the Indian stock markets. 64.7% of the stocks traded on the BSE closed the day with gains.
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First Published: Wed, Apr 13 2011. 04 45 PM IST
More Topics: Markets Update | BSE | NSE | Sensex | Nifty |