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Sensex, Nifty continue to rise; Jindal Stainless surges 17%


The News International Team

The market continues to rally with support from metals, auto and FMCG stocks. The Sensex is up 196.09 points or 0.7 percent at 28855.26, and the Nifty up 50.55 points or 0.6 percent at 8750.50. About 1555 shares have advanced, 1062 shares declined, and 182 shares are unchanged. 

Jindal Stainless is up 17 percent  after India’s trade ministry has recommended anti-dumping duty on hot rolled flat products of stainless steel imports.  Other steel companies are also on the rise on hopes that the anti-dumping duty may be extended to steel imports as well.

NTPC, Hindalco, Tata Motors, ITC and Tata Steel are top gainers in the Sensex. Among the losers are HUL, Bajaj Auto, Dr Reddy’s Labs, Cipla and Wipro.

Sentiment was also boosted after the International Monetary Fund said India’s economy was recovering and its ability to withstand external shocks had improved, although it noted growth is likely to fall short of government targets.

The IMF has said there is no reason why India could not resume an eight or nine percent or even higher growth rate in the coming years. The IMF has at least at this stage pegged a kind of medium-term growth for India at around “7 3/4 percent if, a lot of the structural reforms can be introduced”. “There’s certainly no reason why India could not resume 8, 9, even higher growth path going forward, but it will take some time to introduce these measures,” Assistant Director and Mission Chief for India in the IMF’s Asian and Pacific Department, Paul Cashin said.

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