Sensex Halts 6-Day Decline, India Offers Ship Building Assistance

Sarla Buch
10 Dec, 2015
New York City

Sensex in Mumbai halted 6-day decline after markets in Asia rebounded and investors searched for bargains. Shipping companies led the gainers after the government approved financial assistance to ships built in India. Bharti plans to launch 4G service in Rajasthan.

[R]6:00 PM Mumbai, India – Sensex in Mumbai halted 6-day decline after markets in Asia rebounded and investors searched for bargains. Shipping companies led the gainers after the government approved financial assistance to ships built in India. Bharti plans to launch 4G service in Rajasthan.[/R]

Stocks in Mumbai traded higher and the Sensex index halted six-day decline as investors returned to search bargains.

The shipping companies led gainers after the Cabinet approved up to 20% financial assistance for ships built in India under its ‘Make in India’ initiative.

ABG Shipyard Ltd jumped 3.4%, Shipping Corp of India advanced 2.4% and Great Eastern Shipping Co. Ltd gained 3%.

Rupee strengthened 12 paisa to 66.71 against one U.S. dollar.

The Sensex Index increased 216.27 or 0.9% to close at 25,252.32. The CNX Nifty rose 70.80 or 0.9% to 7,683.30.

Gainers & Losers

Asian Paints Limited increased 2.2% to ₹858.95 after the paint maker’s subsidiary Asian Paints (International) Ltd transferred its entire stake in Asian Paints (Vanuatu) Ltd to Berger Ltd.

Bharti Airtel Limited edged up 5% to ₹312.55 after the largest wireless services provider plans to launch 4G services in Rajasthan within a few days.

Infosys Limited rose 1.7% to ₹1,046.40 and the software developer plans to invest more in cloud development platform and applications.

Man Industries (India) Ltd. gained 2.7% to ₹91.90 after the steel line pipes maker won an order worth ₹250 crore.

National Buildings Construction Corporation Ltd advanced 2.8% to ₹944 after the infrastructure developer secured a construction orders from Indian Culinary Institute for about ₹187.92 crore.

Shreyas Shipping and Logistics Limited soared 5.4% to ₹452 after the company signed a Memorandum of Understanding for a joint venture with Japan-based Suzue Corporation of Japan.