Sensex volatile; M&M gains 1% ahead of Q1 numbers

ndian shares were consolidating around their previous closing values after a rally of more than 400 points on the Sensex this week. Overall the market stabilised now as it has priced in European cues and US jobs data, now the market is waiting for some action on reforms by the government as the monsoon parliament session will begin today. The market has been looking optimistic after Finance Minister P Chidambaram said he would come out with measures to reduce fiscal deficit.

The BSE benchmark rose 31 points to 17,632.63 and the NSE benchmark went up 11 points to 5,347.35. The broader markets too were marginally higher as advancers outnumbered decliners by 701 to 518 on the National Stock Exchange.

Index heavyweight Reliance Industries and software services exporter Infosys gained nearly 0.8%.

Top commercial vehicle maker Tata Motors rose more than 1% while utility vehicle manufacturer M&M too went up over 1%.

Among metals and mining stocks, Jindal Steel and Hindalco Industries rallied 2.5% each. Tata Steel, Sterlite Industries and Coal India were up 1-1.5%.

Country's largest power producer NTPC climbed nearly 2% as its CMD said the Coal India had assured the company of 10% more coal this year compared to last year. It expects to receive 140 mt of coal from Coal India in FY13.

Top lender State Bank of India went up 0.5% whereas its rivals ICICI Bank and HDFC Bank were down 0.4%.

Telecom operator Bharti Airtel plunged 4% as its consolidated net profit fell higher than expected 24.23% quarter-on-quarter to Rs 762.2 crore as against analysts forecast of around Rs 1,075 crore. The company said adverse regulatory and tax developments had impacted operating profits.

Engineering and construction major Larsen & Toubro and software services exporter TCS slipped 0.5% and 0.9%, respectively.