BSE Sensex up 30 pts in cautious trade amid debate on FDI

The BSE Sensex on Monday gained 30 points in cautious trade amid weak markets, even as an all-party meeting called on foreign direct investment (FDI) issue failed to reach a consensus.

The 30-share index of the Bombay Stock Exchange (BSE), which had lost nearly 11 points in the previous session, rose 30.44 points, or 0.16 per cent to 18,537.01 led by stocks of software exporting companies on weakening rupee.

It had traded 76 points up in the opening hour. Brokers said trading volumes declined as investors remained cautious.

The broad-based National Stock Exchange index Nifty rose by 9.30 points, or 0.17 per cent to 5,635.90.

Marketmen said the gains were also restricted on weakening trend in the global markets amid plans to finalise a bailout deal for Greece and budgetary impasse in the US.

Proceedings in both Houses of Parliament were adjourned for the third day of winter session on Monday as the Opposition continued to protest against the government's decision to allow FDI in multi-brand retail and introduce a cap on the number of subsidised cooking gas cylinders.

The Sensex's heaviest-weighed Reliance Industries rose by 0.04 per and the second-heaviest, software exporter Infosys, by 1.71 per cent.

TCS, the leading software exporter shot up by 0.31 per cent and Tata Steel jumped by 1.96 per cent. The steel giant is cutting 900 jobs at its UK units.

In the broader market, Jet Airways stock rose amid reports of talks between the airline and UAE's Etihad Airways for stake sale in the company. Jet stock shot up by 10.81 per cent.

Meanwhile, Hindustan Copper plunged 20 per cent to hit its lower daily limit for the second consecutive day to trade after government's stake sale.

With inputs from PTI