Sensex, Nifty edge higher; Tata Power falls - NDTV

The BSE Sensex edged higher on Tuesday tracking strength in global markets. The broader Nifty traded close to the 5,950 mark, while the rupee advanced to 54.28 against the dollar. Indian stock markets have seen sharp gains last week, with the Sensex gaining over 4 per cent. Traders now expect markets to take a pause before the next move. Some key macro data points this week will influence the Reserve Bank's decision to lower rates next week and will be closely watched. January factory output, due later in the day, will influence the course of the markets today, analysts said. January IIP likely grew 1 per cent after contracting 0.6 per cent in December. Market analyst Sarvendra Srivastava said 5,900-5,920 are immediate supports for the markets though 6,000 should be a psychological barrier. Stocks: IT stocks extended their decline on account of profit taking. HCL Tech and TCS traded with 0.5-1 per cent losses. Tata Power, down over 1 per cent, was the top Nifty loser after a downgrade by Credit Suisse. The investment bank cut Tata Power's target price from Rs 104 to Rs 83 per share. 31 stocks traded higher on the Nifty, led by Tata Motors, which jumped over 1.5 per cent. Utility vehicle maker M&M gained 1.4 per cent, while Reliance Industries traded 0.9 per cent higher. Global cues: Wall Street's record close overnight bolstered most Asian shares on Tuesday as growing confidence in the US economy underpinned investor risk appetite, while the yen slipped to fresh lows on speculation over imminent monetary easing. The benchmark Standard & Poor's 500 stock index extended its winning streak to seven sessions and touched its highest intraday level since October 15, 2007 on Monday while the Dow Jones industrial average closed at a record 14447.29. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent, led by its financials sector with a 0.5 percent gain. (Wit h inputs from Reuters) via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGQ7yWTMcZHYBK0szMwggiu5RRkGg&url=http://profit.ndtv.com/news/market/article-sensex-nifty-edge-higher-tata-power-falls-319331

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