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Sensex rises 100 points; L&T gains 6%, Suzlon jumps 10%

LiveMint logoLiveMint 02-06-2014 Ravindra Sonavane

Mumbai: The 30-share bellwether BSE Sensex on Monday was trading 100 points higher ahead of Reserve Bank of India’s (RBI’s) bi-monthly monetary policy review due on Tuesday. Many expect the central bank to keep the policy rates unchanged.

At 9.32am, the 30-share bellwether BSE Sensex was trading at 24,321.52, up 0.43% or 104.18 points, while the National Stock Exchange’s broader 50-share Nifty was trading up 0.43%, or 31.15 points, at 7,261.10.

The gainers included Larsen and Toubro Ltd that was trading up 6.32% at `1,646.85 after it reported a 71.2% increase in stand-alone net profit to `2,723.48 crore in the quarter ended 31 March on the back of steep gains in revenue from its infrastructure and heavy engineering business. NTPC Ltd shares rose 1.6% to `162.4.

Among the losers, Mahindra and Mahindra Ltd was trading down 1.61% at `1,210.65 after it reported 13% year-on-year drop in its monthly sales growth. It sold 37,869 units in May compared with 43,460 units a year ago. Hindustan Unilever Ltd was down 1.5% to `591.95.

The capital goods index was the top sectoral gainer on BSE, up 3.23%, followed by oil, power and realty indices, which rose 1%, 0.98% and 0.88%, respectively. The BSE FMCG was the top sectoral loser, down 0.54%.

Bajaj Auto Ltd fell 1.09% to `1,931.80. It reported a 4% rise in its sales numbers for May to 351,436 compared with 339,348 same month last year.

Suzlon Energy Ltd was up 10% to `24.15 on BSE after its Ebitda (earnings before interest, tax, depreciation and amortization) turned positive after a gap of seven quarters. Its net loss for the quarter ended 31 March narrowed to `603.45 crore from `1,912.72 crore in the year-ago period, helped by cost reductions and restructuring of operations.

Financial Technologies India Ltd was trading at `255.40, down 2.76%, after it reported a net loss of `371.25 crore, compared with a profit of `87.8 crore in the year-ago quarter.

Since the beginning of this year, the BSE Sensex has gained 15.11%, while foreign institutional investors have bought $7.55 billion from local equity markets.

On Friday, the government said gross domestic product (GDP) grew 4.6% in the March quarter—the eighth successive quarter of sub-5% growth. GDP grew 4.7% in the year ended 31 March, marginally higher than the 4.5% growth in the previous year, the statistics department said.

India’s fiscal deficit during the 2013-14 fiscal year was `5.08 trillion, or equivalent to 4.5% of the GDP, government data showed on Friday.

Asian markets were trading higher. Stocks gained after a gauge of China’s manufacturing expanded at the fastest pace in five months. China’s Shanghai Composite was trading down 0.07% and Hong Kong’s Hang Seng was up 0.31%. Japan’s Nikkei Stock Average was up 1.79%.

US markets closed higher. The S&P 500 up 0.18%, Dow Jones Industrial Average was up 0.11% and Nasdaq Composite down 0.13%.

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