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Money Jan 28, 2013

Markets close flat amid rate cut hopes; Axis Bank up 2% on stake sale

By Firstbiz Staff

The Indian equity markets ended on a quiet note amid anticipation for a rate cut in RBI's policy review tomorrow.

The Reserve Bank of India (RBI) is expected to reward the government this week for its efforts to reform the economy and bring its finances under control by announcing its first cut in interest rates in nine months.

The Sensex closed at 20103.35 , down 0.18 points and the Nifty closed at 6074.80, up 0.15 points.

Reuters

Yes Bank closed up 4 percent after Nomura upgraded the stock to "buy" from "neutral". Reuters

However, there is some respite to the markets with Foreign institutional investors' (FIIs) ownership of Indian stocks as measured in the BSE 200 reaching an all time high as of December 2012. The October-December quarter saw broad-based buying from FIIs, with financials seeing the most buying, followed by consumer discretionary, industrial and healthcare stocks, according to a Macquarie report.

Stocks in news

Maruti Suzuki closed up 0.44 percent after UBS upgraded its ratings on Maruti Suzuki India , the country's largest car maker, to "buy" from "neutral," and raised its price target to Rs 2,000 from Rs 1,500 noting the weakening Japanese yen over the past three months would boost earnings.

Jet Airways closed down 2 percent even after Abu Dhabi-based Etihad Airlines is in talks to pick up a 24 percent stake in Jet Airways and is likely to seal the deal soon.

Axis Bank closed up 2.24 percent on expectations that its up to $1 billion share sale will attract solid demand. Axis is expected to launch its share sale via a qualified institutional placement (QIP) as early as on Monday, according to multiple dealers.

Oil and gas stocks closed lower on profit-taking, with Reliance Industries closed down 2 percent and Oil and Natural Gas Corp closed down 2 percent .

Yes Bank closed up 4 percent after Nomura upgraded the stock to "buy" from "neutral" and raised its target price to Rs 615 from Rs 425 .

With inputs from Reuters

by Firstbiz Staff

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