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Money Oct 3, 2012

Sensex closes in green; rupee at five-month high; infra stocks up

By Firstbiz Staff

The Indian markets ended the day in green with the Sensex closing at 18869.69, up 45.78 points (0.24 percent ) and Nifty at 5731.25 , up 12.45 points (0.22 percent). The rupee was trading at its five month-high at 52.34 against the dollar.

Moses Harding, head of global markets at IndusInd Bank sees the rupee appreciating to 50 against the dollar by December this year.

Reuters

Reserve Bank Deputy Governor Subir Gokarn said that food inflation is "stubbornly" high and is a barrier to economic growth.

Separately, a high-level committee, headed by HDFC Chairman Deepak Parekh, will submit its report on funding the infrastructure sector to Prime Minister Manmohan Singh today.

It has been estimated that the sector needs about $1 trillion during the XIIth Five Year Plan.

Shares in infrastructure companies gain ahead of a government panel meeting scheduled for later in the day. IVRCL was up 4.63 percent andNCC was up 2.57 percent.

The committee has been mandated to review existing policies and suggest necessary changes in the investment framework towards the infrastructure sector.

Among the sectoral indices, the rupee spike has pushed the IT sector down while Oil and Gas stocks edged up.

Stocks in news

Shares in Infosys fell 1.17 percent on concerns the Indian software services exporter may cut guidance in its quarterly results this month because of recent appreciation in the rupee. Nomura has said it expects Infosys to retain its fiscal 2013 dollar revenue growth guidance of 5 percent but has cut earnings per share guidance by around 2 percent to Rs 163 on rupee terms because of the currency impact.

Ambuja Cementwas up 3 percent after it reported a 4.72 percent growth in sales for September at 1.55 million tonne (MT).

Jindal Steel, Tech Mahindra were among the losers at Sensex while Tata Global, Adani Enterprises posted gains.

by Firstbiz Staff

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