SEN­SEX, NIFTY RISE

In long­est win­ning streak since Nov.

The Hindu - - FRONT PAGE - SPE­CIAL COR­RE­SPON­DENT

Ex­pec­ta­tions of a good mon­soon and bet­ter-than-ex­pected quar­terly num­bers pushed the bench­mark eq­uity in­dices on Mon­day to reg­is­ter their long­est win­ning streak since Novem­ber.

The gains in the In­dian in­dices came amid a mixed trend in the global mar­kets af­ter grow­ing ten­sions be­tween the U.S. and Rus­sia over the at­tacks on Syria.

The 30-share Sen­sex rose 112.78 points or 0.33% to 34,305.43. In the last eight trad­ing ses­sions, the bench­mark has gained 1,286 points. The broader Nifty closed on Mon­day at 10,528.35, ris­ing 47.75 points or 0.46%.

Ini­tial bout of weak­ness

In­ter­est­ingly, the gains in the in­dices came af­ter an ini­tial bout of weak­ness as tech­nol­ogy stocks wit­nessed sell­ing pres­sure. The mar­ket was dis­ap­pointed as In­fosys fore­cast lower-thanex­pected mar­gins on Fri­day.

In­fosys was the sec­ond­worst per­former among Sen­sex stocks, de­clin­ing 3.1% to close at ₹1,132.80.

Even as the bench­mark re­versed the morn­ing trend, the mar­ket breadth, how­ever, re­mained weak with 1,463 stocks los­ing ground as against 1,211 gain­ers.

“Ini­tially, lin­ger­ing geopo­lit­i­cal con­cerns and weak­ness in In­fosys were weigh­ing on the sen­ti­ment which led to a weak start,” said Jayant Man­g­lik, pres­i­dent, Reli­gare Broking. “How­ever, an­tic­i­pa­tion of good mon­soon and favourable earn­ings sea­son trig­gered grad­ual re­cov­ery in the lat­ter half, help­ing the in­dex to re­coup losses and set­tle with de­cent gains,” he added.

The In­dia Me­te­o­ro­log­i­cal Depart­ment has fore­cast a nor­mal mon­soon at 97% of long term av­er­age for this sea­son.

Shares of Tata Mo­tors fell fol­low­ing re­ports its sub­sidiary Jaguar Land Rover planned to cut about 1,000 jobs and pro­duc­tion at two of its U.K. plants on lower sales. Tata Mo­tors was the worst-per­former in the Sen­sex pack, shed­ding al­most 5% to close at ₹338.95.

UCO Bank was also in the lime­light af­ter the bank’s for­mer CMD Arun Kaul was booked by the CBI for al­legedly cheat­ing the bank of about ₹738 crore. The bank was the big­gest loser among ‘A’ group stocks on the BSE, fall­ing 6.49% to ₹20.90.

REUTERS ■

Not all good: The mar­ket breadth re­mained weak with 1,463 stocks los­ing ground as against 1,211 gain­ers.

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