Sensex up 99 points; metal, auto in limelight

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Mumbai, July 21 (PTI) A surge in metal and auto stocks helped the Bombay Stock Exchange benchmark Sensex close nearly 100 points higher today, reversing two days of losses. After racing past the psychological 18,000-level for yet another day in intra-day, the 30-share index pared some of the gains and closed 99.09 points, or 0.55 per cent, higher at 17,977.23. Similarly, the wide-based 50-share index of the National Stock Exchange managed to regain the 5,400 level after closing up 0.58 per cent. "The market is by and large steady but it is important for the market to sustain the current levels in order to gain investors'' confidence. Small time sluggishness may come, but in the long run, the market should remain positive," Unicon Financial Solutions CEO Gajendra Nagpal said. Tracking cues on the London Metal Exchange, metal stocks rose, led by Sterlite Industries. Analysts attributed the jump in the LME to shrinking inventories across the world, which could lead to robust demand in the coming days. "The metal sector climbed as their futures witnessed an upsurge on the London Metal Exchange on account of shrinking inventories," Geojit BNP Paribas Financial Services Assistant Vice-President Gaurang Shah. The BSE-Metal index rose to 15,427.30, up 3.14 per cent. Sterlite Industries gained 4.33 per cent. The other metal gainers were Tata Steel (4.01 per cent), Jindal Steel (2.51 per cent) and Hindalco Industries (2.32 per cent). After losing some ground, auto stocks bounced back today, with Tata Motors gaining 1.04 per cent and Maruti Suzuki rising 0.13 per cent on expectations of them earning well in the first quarter of the fiscal. Maruti Suzuki is expected to announce its numbers on July 24. IT shares were also in the limelight ahead of Wipro''s quarter results on Friday. Wipro was up 1.83 per cent, while the country''s largest software exporter TCS, too, ended higher by 1.53 per cent. Infosys, which had announced disappointing June quarter numbers, also gained 0.29 per cent. Realty major DLF gained 0.51 per cent on the BSE, while Jaiprakash Associates climbed by 1.06 per cent. Reliance Industries, which has the maximum weight on the Sensex, rose 0.51 per cent. Firm Asian and European markets also supported the market sentiment, marketmen said. European indices were trading firm, with the FTSE up 1.56 per cent and CAC up 1.62 per cent. Among the losers, HDFC was the worst hit, falling 1.41 per cent, followed by Bharti Airtel, Cipla and HDFC Bank, which lost 0.67 per cent, 0.55 per cent and 0.54 per cent respectively. Extending yesterday''s losses, Anil Ambani-led Reliance Communications today lost 0.16 per cent to close at Rs 188.05. Among the other losers were Hero Honda (0.50 per cent), SBI (0.46 per cent) and BHEL (0.34 per cent).

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