Tata Steel (TISC.BO), world's seventh-largest steelmaker by output surged 3.7 percent after global miner Rio Tinto (RIO.AX) (RIO.L) made a $3.5 billion bid approach for Africa-focused Riversdale Mining (RIV.AX). [ID:nL3E6N600F] The Indian steelmaker is one of the three major stake holders in Riversdale.
Tata's 24 percent stake would be valued at $840 million at the current bid price of 38 rupees per share, and we believe a counter bid is likely which should be even more positive for Tata," J.P. Morgan analysts said in a note. Banks tumbled on fears margins could be hit after State Bank of India (SBI.BO) said it will hike deposit rates with effect from Tuesday. [ID:nBMA009057]
Top lender State Bank of India closed 3.9 percent lower at 2,952.85 rupees.
The 30-share BSE Index .BSESN rose 0.07 percent, or 14.38 points, to 19,981.31 points, with 18 of its components closing in the green. "With economic fundamentals in place and growth on track, India is going to stay an attractive bet," said Rakesh Rawal, head of private wealth management at Anand Rathi
India's economy had expanded 8.9 percent in the September quarter, quicker than expected by economists, and a private survey last week showed manufacturing activity in November grew
at its fastest pace in six months. [ID:nBMA009007]
"Emerging markets at large have been attracting good inflows. Ultimately, investors put in money where they can see growth," Rawal said. Foreign funds invested $29.2 billion in Indian equities so far in 2010, driving the benchmark index 14.4 percent higher.
Top motorcycle maker Hero Honda (HROH.BO) shed 3.2 percent following a report on the weekend Japan's Honda Motor (7267.T) may sell its holding in the joint venture. [ID:nSGE6B20BA] Energy giant major Reliance Industries (RELI.BO) led the gains, trying to catch up with the rally in the broader market after being a laggard this year. The stock, which has the highest weighting on the Sensex, gained 1.3 percent but is still down 6.4 percent in 2010.
Jindal Steel & Power (JNSP.BO) gained 2.9 percent after it said on Friday its 2,400 megawatt coal-based power project was recommended for environmental clearance.
Optimistic metal prices outlook also pushed metal makers higher, dealers said.
Technical indicators suggested copper prices could rally above $9,000 a tonne in the next forty-eight hours, with the market ending a consolidation phase, Reuters technical analyst
Wang Tao said. [TECH/C-MET]
Non-ferrous metals producer Sterlite Industries (STRL.BO) and aluminium maker Hindalco (HALC.BO) gained 3.7 percent and 2.7 percent, respectively. Market breadth turned negative in late trade with declining shares beating advancing ones in a ratio of 1.4:1 on relatively lower volume of 337 million shares.
The 50-share NSE index .NSEI closed barely changed at 5,992.25.
At 1025 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares and MSCI's measure of Asian markets other than Japan .MIAPJ0000PUS were barely changed.
STOCKS THAT MOVED
* Suzlon Energy (SUZL.BO) closed 1.1 percent higher at 52.25 rupees as the wind turbine maker said it would acquire two wholly owned units to reduce costs, improve material management and improve operations. [ID:nBMA009055]
* RPP Infra Projects RPPI.BO, a builder of roads and bridges, closed lower at 68.95 rupees after listing at its IPO price of 75 rupees.
* Money Matters (MONE.BO) shed 5 percent to 252.55 rupees, as Central Bureau of Investigation prosecutor Eijaz Khan told reporters on Saturday three officials from Money Matters Financial Services including its chairman, would be placed in police custody until Thursday. [ID:nSGE6B300G] For the latest updates PRESS CTR + D or visit Stock Market news Today
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