Wrap-up| L&T helps Indian stocks close higher

Wrap-up| L&T helps Indian stocks close higher

New Delhi: Better-than-expected March quarter results from Larsen & Toubro helped Indian stocks end a three-day losing streak. Larsen & Toubro surged by more than 6% after the company said its standalone March quarter profits grew by 17.2% to 1,686 crore. Analysts were expecting the company to report profits of around 1,550 crore. Read more...

Higher order inflows and robust guidance for the current financial year led to a rally in the stock. The sharp rise in Larsen & Toubro shares outweighed the losses in other stocks and helped the benchmark indices end the day with gains.

Positive cues from the European markets and benign food price numbers also helped sentiment. Food prices in India rose at the slowest pace since February 2009. For the week ended 7 May, food prices rose by 7.47% from a year ago. They gained 7.7% the previous week. Read more...

Sensex: 18,141 +0.31%

Nifty: 5,428 +0.14%

Larsen & Toubro, IDFC, Reliance Industries and ONGC led the gains among Nifty-50 shares. Earlier in the day, UBS Investment Research upgraded its rating on Reliance Industries to buy, citing attractive valuations. DLF and Hindalco, on the other hand lost over 3% each.

Larsen & Toubro: 1,609 +6.77%

IDFC: 131 +1.90%

Reliance Industries: 918 +1.82%

ONGC: 278 +1.64%

DLF: 221 –3.84%

Hindalco: 190 –3.33%

Overall, capital goods and oil & gas stocks led the gains on the BSE. The sharp rise in Larsen & Toubro stock helped the capital goods index close with gains of over 3%. However, selling in real estate stocks sent the BSE Realty index lower by over 2.7%. Metal and power indices also closed lower.

BSE Capital Goods: 12,965 +3.37%

BSE Oil & Gas: 9,299 +1.24%

BSE Realty: 2,061 –2.79%

Buying in Reliance Industries and upstream companies helped BSE Oil & Gas index end the day as second biggest sectoral gainer on the BSE. However, firm crude prices sent oil marketing companies lower.

Gail India: 428 +1.27%

Oil India: 1,323 +0.52%

Indian Oil Corporation: 317 –1.04%

HPCL: 356 –0.34%

BPCL: 617 –0.11%