BSE Sensex edges higher, after hitting lowest 2013 point

Foreign institutional investors (FIIs) bought shares worth a net Rs 247.30 crore on last Friday, as per provisional data from the stock exchanges.

Globally, barring Hang Seng, which eased by 0.27 per cent, other indices closed up with yen's downtrend boosting Japanese stocks. Indices in Japan, Shanghai, Singpaore, Korea and Taiwan ended higher by 0.04-2.05 per cent today.

However, Europe showed a mixed trend. Benchmark indices in France and London eased by 0.02 per cent to 0.35 per cent while Germany's DAX was last quoting 0.18 per cent up.

Turning the Indian market, 17 scrips out of the 30-share Sensex firmed up while 13 finished with losses.

Major gainers from the Sensex pack were Tata Steel (2.49 pc), HUL (1.89 pc), Sterlite (1.76 pc), L&T (1.57 pc), HDFC (1.47 pc), BHEL (1.22 pc), Hero Motocorp (1.20 pc), SBI (1.29 pc) Hindalco (1.18 pc) and Wipro (0.81 pc).

However, Jindal Steel dropped by 1.81 per cent, followed by Coal India (1.77 pc), ONGC (1.35 pc), Dr Reddy's (1.24 pc), Bajaj Auto (1.17 pc) and TCS (1.12 pc).

The market breadth turned positive as 1,245 scrips ended higher, 860 stocks declined while 874 ruled steady.

Total turnover dropped further to Rs 1,607.73 crore from last Friday's level of Rs 1,825.03 crore.

Indian shares edge higher in countdown ahead of budget

Indian shares edged higher on Monday, marginally recovering after hitting their 2013 lows in the previous session, as recent underperformers such as Larsen & Toubro rose, while DLF gained after an executive told analysts earnings would improve.

Shares are expected to be range-bound until the 2013/14 budget is unveiled on Feb. 28, in a critical test of whether the government will announce a plan to contain the fiscal and current account deficits.

India's finance minister plans to cut the public spending target for fiscal 2013/14 by up to 10 percent from this year's original target, government sources told Reuters, in what would be the most austere budget in recent history as he tries to avert a sovereign credit downgrade.

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