Indian Shares End Choppy Session Slightly Higher

(RTTNews) - The Indian markets ended a choppy session slightly higher on Monday despite weak cues from other Asian markets as disappointing trade and inflation data out of China and tensions over Ukraine kept investors on the edge.

The benchmark 30-share S&P BSE Sensex rose above 22,000 in early trading before moving sideways to end up 15.04 points or 0.07 percent at 21,934.83, with 15 of its components advancing. Mixed cues from Asia and Europe as well as caution ahead of domestic data on inflation and industrial output due for release later in the week kept investors cautious.

The broader CNX Nifty index rose by 10.60 points or 0.16 percent to 6,537.25. Among the prominent gainers in the Sensex pack, Reliance Industries, BHEL, Bajaj Auto, SBI, HDFC Bank, Larsen & Toubro, Mahindra & Mahindra and Maruti Suzuki climbed 2-4 percent.

Maruti Suzuki advanced 3.7 percent, while Tata Motors shares lost 3.4 percent. Domestic passenger car sales increased 1.4 percent in February from a year earlier after four straight months of declines, according to data released by the Society of Indian Automobile Manufacturers (SIAM).

Mahindra & Mahindra climbed 3.6 percent after its Farm Equipment Sector launched a new tractor with better fuel efficiency and enhanced performance. Market heavyweight Reliance Industries added 1.7 percent, extending Friday's almost 6 percent rally, amid brokerage upgrades on expectations of higher production at gas fields in the KG basin.

Shares of Financial Technologies closed up 4.2 percent. The company said it has appointed JM Financial Institutional Securities to divest stake in its group firm Multi Commodity Exchange of India.

Larsen & Toubro gained 3.3 percent and SPML Infra soared 10 percent on winning new orders. Vascon Engineers was locked at the 20 percent upper circuit limit after bagging two new contracts worth about Rs 245 crore.

Manappuram Finance rallied 2.9 percent after the RBI notified that foreign institutional investors (FIIs) can now purchase up to 49 percent of the paid up capital of the company under the portfolio investment scheme. Hotel Leelaventure jumped 4.3 percent on reports the hospitality group is in discussions with U.S. private equity firm KKR & Co LP to receive a loan of up to Rs. 2,000 crore.

Among those that fell, metal stocks such as Tata Steel, Hindalco and Coal India lost about 2 percent each, reflecting weaker copper prices on concerns that China's demand is slowing. Glaxosmithkline Pharmaceuticals shares tumbled 5.4 percent after its parent GSK Plc. announced it had paid Rs. 6.400 crore to increase its stake in the Indian subsidiary to 75 percent.

SAIL declined 2.4 percent on reports it will join hands with KIOCL to set up a three lakh ton coke oven battery and a captive power plant in Karnataka. IT stocks continued to come under selling pressure, tracking the strength in the rupee, which was trading at 61.03/04 versus its close of 61.08/09 on Friday. Infosys fell 1.6 percent, TCS dropped 3.8 percent, Wipro lost 1.5 percent and HCL Technologies retreated 3.2 percent.

Ranbaxy shares closed down nearly 2 percent. The nation's largest pharmaceutical firm said it is proactively recalling two batches of its generic version of Pfizer's Lipitor drug in the United States owing to a potential dose mix-up. Likewise, Sun Pharmaceutical Industries tumbled 3.1 percent on reports the company is voluntarily recalling 2,528 bottles of its generic version of diabetes drug Glumetza from U.S.-based Santarus Inc.

Tata Power shed 0.6 percent on equity dilution worries after its board finalized the terms of a proposed rights issue. Infotech Enterprises fell 3.1 percent. The company announced that its wholly-owned subsidiary, Infotech Enterprises America, has signed a definitive agreement to acquire Virginia-based Softential, Inc in an all cash deal.