Sensex gains 29 pts; IT, auto shares jump after exports rise

Sensex gains 29 pts; IT, auto shares jump after exports rise

The benchmark Sensex today advanced 29 points to end at 20,363.37 on buying in IT and auto shares, amid export growth in January helping trim surging trade gap.

In step with the stock markets, the Indian rupee strengthened to 62.26 versus yesterday's closing of 62.43.

The BSE Sensex, which had lost 42.29 points on Monday, recovered by 29.10 points, or 0.14 per cent. Intra-day, it moved between 20,443.35 and 20,349.51.

In the 30-share Sensex, 15 stocks gained led by Infosys, TCS, Tata Steel, ONGC, SBI, HDFC, Axis Bank and Bajaj Auto.

The 50-scrip National Stock Exchange index Nifty added 9.25 points, or 0.15 per cent, to close at 6,062.70, after touching a high of 6,081.85.

Brokers said trading sentiment was bolstered after data showed Indian exports increased 3.79 per cent to USD 26.75 billion dollar in January, helping the trade deficit to narrow to USD 9.92 billion dollar.

They said the market sentiment improved further following an upsurge in Tata Motors counter after the company posted a near three-fold spike in its December quarter net profit. Tata Motors scrip was a star performer as it surged 2.83 per cent.

A firming trend in the Asian region and higher opening in Europe before Federal Reserve Chairman addresses the US Congress, aided sentiments.

However, Reliance Industries shares slipped 1.96 per cent after the Delhi government ordered filing of criminal cases against RIL chief Mukesh Ambani, among others, following complaints of irregularities in pricing of natural gas in KG basin.

Sectorally, the BSE IT sector index gained the most by rising 0.99 per cent after software industry body Nasscom said it expects IT sector exports to grow by 13-15 per cent in FY15 as against 13 per cent in the current financial year.

The auto index was second best performer by adding 0.77 per cent, followed by Teck index 0.74 per cent, Consumer Durable index 0.58 per cent and Metal index 0.37 per cent.

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