India’s Sensex Holds Near Record as Engineering Stocks Advance

Most Indian stocks advance, led by engineering cos, utilities; Reliance Industries declines after Election Commission asks govt to defer plan to raise gas prices.

  • Sensex little changed at 22,055.21 after closing at record yday; Nifty +0.1% to all-time high
  • BSE 100 +0.1%; 3 stks gain for every 2 decliners
  • Bharat Heavy +4.5%, most on Sensex; L&T +1.5%; Tata Power +1.4%
  • Mkts to “consolidate” for few days before rallying further ahead of polls, Ambareesh Baliga, managing partner of global wealth management at Edelweiss Financial Services, says on Bloomberg TV India
  • NOTE: Opinion polls show ruling Congress party losing power; surveys project BJP to win 232 of 543 seats, falling short of majority mark of 272
  • Reliance -2.9%; Oil & Natural Gas -0.4%
  • BSE 100 decliners: Wipro -0.8%, UPL -2.1%, Hindustan Zinc -2.1%
  • Tire, auto-ancillary stks rise: Apollo Tyres +5.7% to record; Bosch +2.9%; Amtek Auto +1.1% to highest since Aug. 2011
  • Expectations of revival in economy among factors driving mkts, Birla Sun Life co-CIO Mahesh Patil says on Bloomberg TV India; India “looks better” versus other EMs
    • NOTE: RBI said March 5 current-account gap shrank in last qtr of 2013 to smallest in 4 yrs; rupee
    • NOTE: Feb. wholesale inflation fell to 9-mo. low, Jan. consumer prices rose at slowest pace in 2 yrs
  • BSE 100 gainers: Ashok Leyland Ltd +1%, Power Finance Corp Ltd +4.6%, Bharat Heavy Electricals Ltd +4.5%, Bharat Forge Ltd +1.4%
  • Volume above 3-mo. full-day avg: SHTF 4.1x 3-mo. avg; AL 2.8x, BHFC 2.7x, POWF 2.6x, SIEM 2.6x, UTCEM 2.5x, RIL 2.5x, ONGC 2.3x, IOCL 2.1x,
  • RSI crossed above 70 today: ABB; LT, BPCL, BHEL, SBIN, HUVR
  • Foreigners bought net $701.2m of Indian equities March 21; ytd total net $2.6b purchases, most in Asia
  • Rupee +0.5% to 60.4850
  • MXAP Index little changed
  • NOTE: Sensex YTD +4%

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