Stock Market News On 12th Mar 2013

Sensex, Nifty up but Tata Power falls:

In global markets the BSE Sensex edged higher on Tuesday tracking strength.The broader Nifty traded close to 5950 mark while the rupee advanced to 54.28 against the dollar.

Indian stock markets have seen sharp gains last week,with the Sensex gaining over 4%.Traders now expect markets to take a pause before the next move.Some key macro data points this week will influence decision of the Reserve Bank to lower rates next week and will be watched closely .

January factory output,due later in the day,will influence the course of the markets today. January IIP likely grew 1% after contracting 0.6% in December.

Market analyst Sarvendra Srivastava said that 5900 to 5920 are immediate supports for the markets though 6000 should be a psychological barrier.

Stocks:

IT stocks extended their decline on account of profit taking. HCL Tech and TCS traded with 0.5 % to 1 % losses.

Tata Power down over 1% was the top Nifty loser after a downgrade by Credit Suisse.The investment bank cut Tata Power's target price from Rs.104 to Rs.83 per share.

31 stocks traded higher on the Nifty,led by Tata Motors which jumped over 1.5 per cent.Utility vehicle maker M&M gained 1.4 %, while Reliance Industries traded 0.9 % higher.

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