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BW Businessworld

Sensex Rises; Defensive Sectors Up

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The BSE Sensex is trading flat, tracking similarly flat to lower Asian stocks, while Nifty is down marginally. Defensive stocks gain, helping support domestic indexes.

Cigarette maker ITC up 1.4 per cent, Sun Pharmaceutical Industries also up 1.4 per cent.

Gains in defensives come day after RBI surprised markets by keeping interest rates unchanged and after Fitch Ratings cut India's sovereign outlook to "negative." Provisional exchange data shows foreign investors bought stocks worth 4.12 billion rupees on Monday, also providing some comfort.

Overseas investors remain net buyers of Rs 206 crore so far in June, according to regulatory data.

Reliance Industries gains 0.4 per cent. Traders cite support from its continued buyback programme that opened in February and is scheduled to run through January 2013.


(Reuters)


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rbi finance markets sensex itc fitch ratings sun pharmaceutical