Indian stock markets ended the day with gains despite a weak opening tracking global cues. The BSE S&P Sensex closed at 24,794, up 135 points, or 0.55 percent, while the NSE Nifty settled at 7,532, with a gain of 47 points, or 0.62 percent.
Maruti Suzuki India Ltd (MSIL) was the top Sensex gainer on a day when the company announced the launch of the made-in-India Baleno in Japan. The stock gained four percent to close at Rs 3,600. The company said that it will be launching the car in over 100 countries.
Other Sensex gainers were Larsen & Toubro, Hindustan Unilever and ONGC.
Stock of engineering firm Crompton Greaves soared almost nine percent after the company announced the sale of its overseas transmission and distribution business for about Rs 844 crore to First Reserve International, a U.S. private equity fund.
On the NSE, Yes Bank, Maruti Suzuki and Tech Mahindra were the top gainers, while metal and oil stocks such as Vedanta, BPCL and Hindalco declined.
The weak opening on Indian bourses was on expected lines, given the decline in U.S. stock markets on Tuesday and a weak opening in Asian markets on Wednesday on account of poor China trade data.
"Indian markets are expected to open in the red tracking the SGX Nifty and weak Asian cues. US markets closed lower after five consecutive sessions of gains, after NYMEX crude oil prices dropped ~4%. Weak Chinese trade data also dampened sentiment as fears of an economic slowdown heightened," brokerage Angel Broking said in a pre-opening note on Wednesday.
"Chinese exports tumbled 25.4% year-over-year in February, the biggest fall since May 2009, as against economist forecasts of a drop of 15% and an 11.2% decline in January," it added.
Jindal Steel & Power Ltd (JSPL) lost more than seven percent on reports that the a group of foreign lenders were contemplating recalling loans up to $550 million after it failed to service a $25 million loan taken from a Japanese bank. The stock trimmed losses to close with a loss of 1.89 percent at Rs 65.
In its response to some media reports, the company informed the BSE: "Considering negative financial results in the last 12 months, the company has been working with all banks/institutions towards various options including 5/25 scheme to meet all obligations."
