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Sensex closes 2% higher for the week
Fri, 28 Feb Closing

Maintaining the buoyancy, the Indian equity benchmark indices remained in the positive zone in the afternoon trading session. Backed by healthy foreign institutional investor buying, the Indian equity markets closed the day on a positive note. Stocks from the IT, healthcare and capital goods posted healthy gains today. Keeping up with the momentum, the BSE Small Cap and the BSE Mid Cap indices were up by 0.14% and 0.49% respectively. The BSE-Sensex closed higher by 133 points and the NSE-Nifty was seen up by 38 points.

On the global front, most of the Asian indices closed the day on an optimistic note and European indices opened the day on a mixed note. The rupee was trading at Rs 62.07 to the dollar at the time of writing.

Stocks from the Energy sector closed the day on a mixed note with Oil India and Oil and Natural Gas Corporation Ltd. (ONGC) leading the pack of gainers whereas stocks such as Reliance Industries and Gujarat Gas were leading the pack of losers.

As per a leading financial daily, the government has approved a 10% stake sale in Indian Oil Corporation to state-run ONGC and OIL. This will fetch about Rs 53 bn to the government. The 10% stake sale amounting to Rs 243 m will be through an off-market transaction. ONGC and Oil India are expected to buy 5% stake each. The stake sale will be worked out jointly by the two companies, viz; ONGC and OIL India and is likely to take place in next few days. The share sale price has been fixed at Rs 220, which is below the current market price that stands at Rs 248. The share of IOC was down by 0.02%.

Barring few such as Maruti Suzuki, Force Motors, Ashok Leyland, stocks from the Automobiles sector closed the day on a firm note with Mah. Scooters and TATA Motors leading the pack of gainers.

As per a leading daily, Maruti Suzuki has failed to alleviate investor concerns over Suzuki Gujarat plant. The issues remain despite the company filing clarifications on exchanges. According to the experts, the quantum of surplus that Suzuki Gujarat is likely to charge Maruti Suzuki is not clarified. Just a month before, Japan based Suzuki Motor had mentioned of investing USD 488 m for a car factory set-up in Gujarat by 2017. This had led to investor concerns over pricing and funding of capacity expansion in the proposed contract manufacturing arrangement. This move is expected to have negative impact on the earnings profile of Maruti Suzuki. The stock of Maruti Suzuki was down by 5% today.

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