Don’t miss the latest developments in business and finance.

Sensex rich by143 pts, upbeat on monsoon

Image
Our Markets Bureau Mumbai
Last Updated : Feb 14 2013 | 8:59 PM IST
After the smooth rollover on Thursday, a fresh set of derivative contracts brought optimism to the markets today.
 
The news of monsoon rains arriving in the southern state of Kerala too lifted investors' sentiment. Though the Sensex could not sustain its early gains, it still closed comfortably in the green with a gain of 143 points.
 
The 30-stock index, which was buoyed by heavy buying in Cipla, Tata Steel and Bajaj Auto, ended trade at 10,809 after crossing the 11,000-level during the day. The broad-based Nifty surged by one per cent and closed at 3209.60, up 32 points from Thursday's close.
 
Volumes traded at both the exchanges were above average, a fact that analysts pointed out as a sign that suggested return to some kind of normalcy. On NSE, shares worth Rs 7157 crore were transacted.
 
The strong pull-back in the Indian bourses came on the back of buying support in other Asian markets as well.
 
The Seoul Composite gained over 2 per cent today, while indices across other markets including China, Singapore, Hong Kong and Taiwan closed with gains between 0.5 and 1.5 per cent. US shares too closed sharply higher, powered by better than expected reports on the world's largest economy.
 
Analysts said FIIs would continue to be only selective buyers in the Indian markets.
 
The momentum players have pulled back heavily from the domestic bourses.
 
Buying support, even on Friday, was provided by domestic financial institutions and mutual funds. Mutual funds have bought Rs 6938 crore worth of equities so far this month.
 
Analysts predicted that markets were likely to shadow international indices in the coming few days. There are not too many positive triggers to look forward to other than the monsoon. Most brokers have been advising their clients to stay away from this market as they anticipate continued volatility.
 
Today's buying was seen across the board in counters like metal, consumer durable, auto, banking and oil and gas. Bajaj Auto, Infosys, Hero Honda, L&T and Cipla held the market firm.
 
While Cipla gained over 6 per cent and ended trade at Rs 235.70, Bajaj Auto gained 4.98 per cent to close at Rs 2919.75 and Tata Steel ended the day at Rs 538.95, up 4.48 per cent from Thursday's close.
 
In the metal pack, steel stocks saw a smart rebound. SAIL closed at Rs 82.70, with a gain of 6.85 per cent, and Sesa Goa added Rs 55.40 to close at Rs 1267.80.
 
Among the large aluminium players, Hindalco ended trade almost flat at Rs 185, down 0.43 per cent, but Sterlite gained over 4 per cent to close at Rs. 409.95.

 
 

Also Read

First Published: May 27 2006 | 12:00 AM IST

Next Story