Wrap-up| Indian stocks gain for second day

Wrap-up| Indian stocks gain for second day

New Delhi: Buying at lower levels and decent corporate results helped Indian stocks close higher for a second consecutive day. Rising commodity prices also helped as the group of eight (an association of wealthy nations) leaders, who are meeting in France, sounded confident about the recovery in the global economy. Read more...

While Asian markets closed mixed, European stocks gained on expectations that consumer sentiment in the US might have improved.

Sensex: 18,266 +1.23%

Nifty: 5,476 +1.18%

Stoxx 50: 2,816 +0.60%

Hang Seng: 23,118 +0.95%

Hindalco rallied more than 6.5% after its subsidiary, Novelis, reported robust performance in the March quarter. Novelis reported a 22.3% growth in revenues from a year ago and a 21.2% rise in EBITDA to $280 million. The sharp improvement in operating performance helped Hindalco stock close as the biggest gainer in the Nifty 50 shares.

Apart from Hindalco, IDFC and Anil Ambani group shares also rallied. Reliance Power surged 4.7% after the company said its March quarter profits more than doubled to 187 crore. Tata Motors, on the other hand, tanked 6.5% after the company reported a sharp contraction in March quarter EBITDA margins. CLSA downgraded Tata Motors stock to outperform from buy. The brokerage house reduced its EPS for 2011-12 and 2012-13 citing concerns about margins and volumes in domestic market.

Hindalco: 198 +6.57%

IDFC: 137 +6.24%

Reliance Communications: 84 +5.92%

Reliance Power: 115 +4.77%

Tata Motors: 1,086 –6.54%

On the sectoral level, real estate, banking, metals and oil & gas stocks led the gains on the BSE.

BSE Realty: 2,087 +3.60%

BSE Bankex: 12,220 +2.46%

BSE Metal: 15,172 +1.98%

BSE Oil & Gas: 9,541 +1.59%

Overall, Indian stocks closed the week on a positive note. About six-tenths of the stocks traded on the BSE closed the day with gains.