Sensex ruling moderately higher as rate cut hopes fade

Sensex ruling moderately higher as rate cut hopes fadeMumbai, March 12 - A benchmark index for Indian markets was ruling moderately higher Monday afternoon even as a strong set of industrial output numbers for January tempered hopes that the central bank would cut rates in its periodical policy review this week.

The Reserve Bank of India is set to review the monetary policy Thursday.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,772.10 points and was ruling at 17,595.16 around 1.35 p. m., 91.92 points or 0.53 percent compared to its previous close at 17,503.24 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange was similarly ruling higher at 5,354.80 points, up 21.25 points or 0.4 percent from its previous close.

Broader markets were in the green with the BSE 500 index trading 0.59 percent higher. The BSE midcap index was trading 0.91 percent higher while the BSE smallcap index was up 0.69 percent.

Capital goods and energy stocks were on the rise, while IT scrips saw selling.

The market breadth was positive with 1,473 stocks advancing, 1,163 on the decline and 118 remaining unchanged.

Asian markets were trading mixed as investors were spooked after after China's trade figures underlined a slowdown in the world's number two economy.

The Japanese Nikkei closed 0.4 percent lower at 9,889.86 points, while Hong Kong's index was trading 0.27 percent up at 21,142.67 points.

The Chinese Shanghai Composite index was ruling 0.19 percent down at 2,434.86 points. (IANS)

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