By RTT News, October 14, 2013, 07:42:00 AM EDT
(RTTNews.com) - Indian shares rose modestly on Monday, with technology stocks pacing the gainers after Infosys last week raised its FY14 revenue guidance. Infosys shares rose 1.1 percent, TCS soared 4.6 percent and Wipro gained 2.4 percent.
The benchmark Sensex rose 79 points or 0.38 percent to 20,608, its highest level in nearly a month, while the broader Nifty index closed at 6,113, up 17 points or 0.27 percent from its previous close. Banking, auto and oil/gas stocks posted modest gains, while metal, FMCG, capital goods and healthcare stocks ended subdued.
Tata Motors rose 1.6 percent after announcing global vehicle sales data for September. HDFC Bank and Hero MotoCorp rose about a percent each, heavyweight Reliance Industries gained 0.8 percent ahead of its Q2 results due later in the day and state-run lender SBI posted a modest 0.3 percent gain.
Among the prominent decliners, Hindustan Unilever, Tata Power, Maruti Suzuki, BHEL, Gail India, Cipla, Tata Steel, and Hindalco fell 1-3 percent. Private sector lender IndusInd Bank shed 0.8 percent despite reporting a 32 percent increase in quarterly profit, driven by growth in net interest income and lower provisions for non-performing assets.
Investors shrugged off government data, which showed that India's headline inflation rate hit a seven-month high of 6.46 percent in September, mainly driven by higher food prices.
The other Asian markets ended mixed and European stocks traded flat after U.S. President Barack Obama rejected House Speaker John Boehner's latest fiscal offer that would extend the nation's borrowing authority for six weeks and reopen the government in exchange for the start of negotiations on deficit reduction. Attention now shifts to the Senate to search for a way to avoid a looming debt default.
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