Markets gain as metal and oil stocks outperform

Commentary

oi-Sunil

By Sunil Fernandes

Published: Tuesday, March 13, 2012, 15:40 [IST]

Markets gained for a second day in a row on smart recovery in metal and oil stocks. The Sensex closed the day at up – points from its previous close, while the S&P CNX Nifty closed the day at points.

Among the major gainers today were metal stocks like Tata Steel, Sterlite and SAIL, as well as energy companies ONGC and Reliance.

Among the losers were Wipro, M&M, HCL Tech and Siemens.

Wipro lost ground on reports that the Azim Premji Trust had informed the stock exchanges on Monday that it proposes to sell up to 35 million shares of Wipro Limited held by it following the Offer For Sale process prescribed by SEBI.

All eyes are now focused on the Union Budget and the Credit Policy. Railway Minister, Dinesh Trivedi is expected to present the Railway Budget on March 15. Not too much is expected from the railway budget in the form of investments owing to the precarious financial position of the government.

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