MUMBAI (Dow Jones)--Buying in metals, coupled with a near 3% rise in the nation's most valued company, Reliance Industries, offset selling in technology and select blue chips as Indian shares ended slightly higher Monday.
The Bombay Stock Exchange's benchmark Sensitive Index, or Sensex, added 0.1%, or 21.10 points, to close at 14,785.74 after trading between 14,685.45 and 14,955.55.
Dow Jones technical analysis tips the 30-stock Sensex, which rose 1.7% last week, to trade in a 14,200-15,700 range this week.
On the National Stock Exchange, the 50-stock S&P CNX Nifty index rose 0.4%, or 15.45 points, to 4,390.95.
"After the Sensex's recent 7.4% fall from the peak on 10 June 2009, we believe that the Indian market is now fairly valued on an overall basis," Nomura analysts Prabhat Awasthi, Nipun Prem and Sanjay Kadam wrote in a note.
"An improvement in the macro outlook, a possible roadmap to fiscal consolidation and an extremely accommodating liquidity environment mean that risk to the downside would be limited," they said, setting a 12-month target of 16,400 for the Sensex.
Total traded volume on the Bombay Stock Exchange was INR60.54 billion, compared with Friday's INR55.13 billion. Gainers outnumbered decliners 1,686 to 964, while 73 stocks were unchanged.
Investors hunted for bargains in metals after their underperformance last week. Sterlite Industries surged 5.7%, the most on the Sensex, to INR646.70, Tata Steel jumped 2.4% to INR397.15, while Hindalco also ended up 1.3% to INR87.80.
Heavyweight Reliance Industries, which has a 15.2% weight on the Sensex, rose 2.8% to end at INR2,084.95, after underperforming with a 0.5% gain last week.
DLF, up 3.2% to INR338 and Oil & Natural Gas Corp, up 2.6% at INR1,068.05, were among the other Sensex gainers.
However, Tata Motors ended as the biggest percentage loser on the Sensex, plummeting 7.8% to INR313.75 as analysts raised concerns over the company's financial health after it late Friday reported a consolidated net loss of INR25.05 billion in the fiscal year ended March 31.
Sun Pharmaceutical Industries lost 3.5% to end at INR1,100.35, adding to its 12.2% loss Friday.
The company Saturday withdrew its sales guidance for the current fiscal year, following the U.S. Food and Drug Administration's seizure of drugs made by its U.S. unit, Caraco Pharmaceutical Laboratories, last week.
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The Bombay Stock Exchange's benchmark Sensitive Index, or Sensex, added 0.1%, or 21.10 points, to close at 14,785.74 after trading between 14,685.45 and 14,955.55.
Dow Jones technical analysis tips the 30-stock Sensex, which rose 1.7% last week, to trade in a 14,200-15,700 range this week.
On the National Stock Exchange, the 50-stock S&P CNX Nifty index rose 0.4%, or 15.45 points, to 4,390.95.
"After the Sensex's recent 7.4% fall from the peak on 10 June 2009, we believe that the Indian market is now fairly valued on an overall basis," Nomura analysts Prabhat Awasthi, Nipun Prem and Sanjay Kadam wrote in a note.
"An improvement in the macro outlook, a possible roadmap to fiscal consolidation and an extremely accommodating liquidity environment mean that risk to the downside would be limited," they said, setting a 12-month target of 16,400 for the Sensex.
Total traded volume on the Bombay Stock Exchange was INR60.54 billion, compared with Friday's INR55.13 billion. Gainers outnumbered decliners 1,686 to 964, while 73 stocks were unchanged.
Investors hunted for bargains in metals after their underperformance last week. Sterlite Industries surged 5.7%, the most on the Sensex, to INR646.70, Tata Steel jumped 2.4% to INR397.15, while Hindalco also ended up 1.3% to INR87.80.
Heavyweight Reliance Industries, which has a 15.2% weight on the Sensex, rose 2.8% to end at INR2,084.95, after underperforming with a 0.5% gain last week.
DLF, up 3.2% to INR338 and Oil & Natural Gas Corp, up 2.6% at INR1,068.05, were among the other Sensex gainers.
However, Tata Motors ended as the biggest percentage loser on the Sensex, plummeting 7.8% to INR313.75 as analysts raised concerns over the company's financial health after it late Friday reported a consolidated net loss of INR25.05 billion in the fiscal year ended March 31.
Sun Pharmaceutical Industries lost 3.5% to end at INR1,100.35, adding to its 12.2% loss Friday.
The company Saturday withdrew its sales guidance for the current fiscal year, following the U.S. Food and Drug Administration's seizure of drugs made by its U.S. unit, Caraco Pharmaceutical Laboratories, last week.
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