* BSE index rises 0.8 pct; NSE index up 1.05 pct
* Both indexes post their biggest weekly gain since week
ended Dec 20
* Cements, blue-chip stocks rise
By Indulal PM
MUMBAI, Feb 21 Indian shares rose for a fifth
time in six sessions on Friday as a recovery in global markets
helped blue chips such as ITC to recover from falls in the
previous session, while cement makers such as ACC surged on
speculation of price hikes.
Still, trading is expected to enter a subdued period ahead
of general elections due by May with global factors gaining
prominence, especially as the U.S. Federal Reserve continues to
scale down its monetary stimulus.
Asian shares rebounded from falls in the previous session
after a survey showing brisk U.S. manufacturing activity offset
concerns about China's economic growth.
Overseas investors continued to pump money into the Indian
markets, buying $33.09 million on Thursday and bringing their
total over the previous seven sessions to $330.08 million,
exchange data showed.
"Right now, our market is moving only on global cues. A
large part of the market is waiting for the election outcome,"
said Mehraboon Irani, head, private client group at Nirmal Bang.
The benchmark BSE index ended up 0.8 percent at
20,700.75, while the broader NSE index closed higher
1.05 percent at 6,155.45.
The BSE index gained 1.64 percent and the NSE index rose
1.77 percent for the week, their biggest gain since the week
ended Dec. 20.
ITC shares rose 1.84 percent on buying from foreign
funds, traders said, while Tata Steel gained 2.09
percent and Larsen & Toubro closed up 1.98 percent.
Banking stocks continued to see investors' interest, with
ICICI Bank higher 1.73 percent, State Bank of India
up 1.45 percent and Axis Bank stronger 3.07
HCL Technologies closed higher 4.43 percent after
The Wall Street Journal reported the company's founder Shiv
Nadar was seeking potential buyers for his $10 billion stake in
the company. However, HCL denied any plans of stake sale.
Cement stocks such as UltraTech gained 5.75
percent, ACC closed up 5.72 percent and Ambuja Cements
rose 6.06 percent on speculation about price hikes.
However, among stocks that fell, Shree Renuka Sugars
closed down 6.03 percent on fears of equity dilution
after Singapore's Wilmar International said on
Thursday it has agreed to invest up to $145 million for a major
stake in the company.
For additional stocks on the move double click
FACTORS TO WATCH
* Dollar climbs, Swedish data pushes crown to two-month low
* Brent eases to $110, on track for highest weekly close in
* U.S. data soothes nerves, lifting stocks and dollar
* Foreign institutional investor flows
* For closing rates of Indian ADRs
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia........ Japan....... S.Korea...
S.E. Asia....... Hong Kong... Taiwan....
Australia/NZ.... India....... China.....
Wall Street .... Gold ....... Currency..
Eurostocks..... Oil ........ JP bonds...
ADR Report ..... LME metals. US bonds..
Stocks News US.. Stocks News Europe
DIARIES & DATA:
Indian Data Watch Asia earnings diary
U.S. earnings diary European diary
Indian diary Wall Street Week Ahead
Eurostocks Week Ahead
For top Asian company news, double click on:
U.S. company news European company news
Forex news Global Economy news
Technology news Telecoms news
Media news Banking news
Politics/General Asia Macro data
(Editing by Subhranshu Sahu)