Indian Shares End Marginally Higher On Global Cues

(RTTNews) - Positive cues from global markets helped Indian shares end marginally higher on Friday. Realty and metal stocks posted strong gains, while oil/gas and healthcare stocks ended on a subdued note.

The benchmark 30-share S&P BSE Sensex moved in a narrow range before closing up 13.66 points or 0.06 percent at 21,753.75, with 19 of its components advancing. The broader CNX Nifty index closed at 6,493.20, up 10.10 points or 0.16 percent from its previous close.

Among the prominent gainers in the Sensex pack, Coal India, SBI, Sesa Sterlite, BHEL, Tata Power, Tata Motors, Axis Bank, Wipro, Hindalco and Tata Steel rose 1-4 percent.

IT stocks closed mostly higher after a slew of encouraging U.S. economic indicators reinforced the view that recent economic weakness in the world's largest economy was probably due to bad weather.

TCS gained 0.8 percent after inking a pact with Garuda Indonesia Airlines for a new maintenance, repair and overhaul application program. Infosys rose 0.3 percent despite another high profile exit, Wipro rallied 2.7 percent and HCL Technologies rose 1.4 percent.

Banks ended mixed amid expectations the Reserve Bank of India will keep policy rates steady in the April policy meeting. RBI Governor Raghuram Rajan said today that the apex bank has not yet moved to an inflation target, and is still exploring the suggestions on the subject drafted by a panel with the government. SBI gained 1.4 percent and HDFC Bank rose half a percent, while ICICI Bank slipped 0.3 percent.

Axis Bank rallied 2.6 percent in choppy trading. The government today sold 4.2 crore equity shares or about 9 percent stake held through SUUTI in the private sector lender through multiple block deals. Canara Bank edged up 0.4 percent after the state-owned lender unveiled plans to raise Rs.1,000 crore through a bonds issue.

HCL Infosystems rose 1.3 percent after rejigging its board. Tata Global Beverages added 1.6 percent after its joint venture firm Starbucks said India is the fastest growing market in Starbucks history.

Mercator shares soared nearly 15 percent to hit a 52-wek high after the company said it has acquired one 1992 built very large gas carrier. Dewan Housing Finance Corporation jumped 6.1 percent on the back of a bulk deal on the BSE.

IL&FS Engineering & Construction soared 10 percent on winning a metro rail contract worth Rs 69.97 crore contract. Apollo Hospitals Enterprise rallied 3.7 percent on a brokerage upgrade.

Claris Lifesciences closed 0.7 percent higher after announcing a share buyback through tender offer. Lupin shares advanced 0.7 percent. The pharma major announced that its subsidiary has launched its generic Niacin tablets in the United States.

Elsewhere, the Asian markets rebounded from the previous session's selloff and European stocks gained ground in early trading as better-than-expected U.S. economic indicators helped ease investor concerns about Federal Reserve policy.