Sensex in India at 2-Week High, Trade Deficit and Exports Fall in January

Mukesh Buch
16 Feb, 2015
New York City

Stocks in Mumbai extended gains for the fifth day in a row after trade deficit edged lower. Exports and imports declined 11% and trade gap fell to $8.32 billion. HDFC net surged 13% on 19% increase in revenues. HDFC Bank net climbed 20%. ONGC net plunged 50%. Sun Pharma net fell 7%.

[R]6:00 PM Mumbai – Stocks in Mumbai extended gains for the fifth day in a row after trade deficit edged lower. Exports and imports declined 11% and trade gap fell to $8.32 billion. HDFC net surged 13% on 19% increase in revenues. HDFC Bank net climbed 20%. ONGC net plunged 50%. Sun Pharma net fell 7%.[/R]

Market indexes in Mumbai extended gains for the fifth day in a row and the Sensex index closed at a two-week high.

Trade deficit in the January narrowed to $8.32 billion compared to $9.45 billion in the year-ago period, according to the data released by the government agency.

Exports declined 11.19% to $23.88 billion compared to $26.89 billion last year and Imports slipped 11.39% to $32.2 billion from $36.3 billion in the same month last year.

India’s Wholesale Price Index, a measure of wholesale inflation, in the January fell to -0.39% compared with 0.11% in December, according the statistics bureau of India.

Indian rupee eased 88 paisa to 62.16 against one dollar.

The Sensex Index rose 40.95 to close at 29,135.88. The CNX Nifty added 3.85 to 8,809.35.

Gainers & Losers

Housing Development and Infrastructure Limited jumped 6.9% to ₹117.80 after the real estate developer said net in the third-quarter surged more than ten-fold to ₹359.48 crore.

Net revenues soared 301.1% to ₹67.29 crore.

Housing Development Finance Corporation Ltd advanced 1.6% to ₹1,288.70 after the home loans provider said net in the third-quarter jumped 12.61% to ₹2,179.01 crore.

Total revenues climbed 18.89% to ₹11,952.48 crore.

HDFC Bank Limited added 0.1% to ₹1,067.10 after the financial service provider reported net in the third-quarter climbed 20.2% to ₹2,794.50 crore.

Net revenues soared 21.4% to ₹8,234.80 crore.

ITC Limited climbed 3% to ₹389.55 after the consumer and tobacco products maker agreed to acquire the U.S.-based Johnson and Johnson’s brands of Savlon and Shower to Shower talc.

Oil and Natural Gas Corporation Ltd rose 0.3% to ₹340.70 after the oil explorer said net in the third-quarter tumbled 49.88% to ₹3,571.20 crore.

Total revenues slipped 13.66% to ₹20,302.02 crore.

Rural Electrification Corporation Limited jumped 3.5% to ₹338 after the utility provider said net in the third-quarter advanced 12.4% to ₹1,379.83 crore.

Total revenues jumped 19% to ₹5,244.32 crore.

Reliance Communications Limited gained 4.3% to ₹75.15 after the telecommunications service provider reported net in the third-quarter soared 31% to ₹201 crore.

Total revenues increased 1.2% to ₹5,469 crore.

Sun Pharmaceutical Industries Limited dropped 2.7% to ₹914.50 after the pharmaceutical product maker reported net in the third-quarter decreased 6.9% to ₹1,425 crore.

Total revenues plunged 28.65% to ₹5,420.10 crore.

Suzlon Energy Ltd surged 19.8% to ₹22.95 after the wind turbine maker agreed to sell 23% stake to Dilip Shanghvi Family and Associates for about ₹1,800 crore.

Unitech Limited soared 10.2% to ₹18.40 after real estate developer said net in the third-quarter surged 32% to ₹43.34 crore.

Total revenues slipped 9% to ₹721.99 crore.