Promising IIP lifts Sensex above 20K-level, Nifty to 2013 high
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Promising IIP lifts Sensex above 20K-level, Nifty to 2013 high

Last Updated: Friday, May 10, 2013, 17:22
 
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Promising IIP lifts Sensex above 20K-level, Nifty to 2013 high
Mumbai: Boosted by growth in industrial production in March, the BSE benchmark Sensex on closed above 20,000-mark after a gap of 100 days and the NSE Nifty ended at its highest level in 2013 on robust buying in auto, consumer durables, FMCG and banking stocks.

The BSE 30-share index initially moved in a narrow range but later bounced to a high of 20,119.14 on rise in IIP data. It finally concluded at over three-and-a-half-month high of 20,082.62, a net rise of 143.58 points or 0.72 per cent.

Sensex had consistently been trading around 20,000-mark in the past few sessions. It finally closed above this key level on sustained buying by FIIs. Traders said overseas investors largely ignored data that showed for full 2012-13 fiscal, IIP slipped to 1 per cent -- the lowest since 1991-92.

"Markets have been moving up at a fast pace in the past few weeks on the back of supportive global markets, consistent FII flows and in-line / better-than-expected quarterly results," said Dipen Shah, Head of Private Client Group Research, Kotak Securities.

Similarly, the 50-issue CNX Nifty of the NSE also rose by 44.60 points, or 0.74 per cent, to end at 2013-closing high of 6,094.75. The MCX-SX flagship index, SX40 closed up by 80.66 points, or 0.68 per cent, at 11,874.70.

Smart rise in key heavyweights like ITC, HDFC Bank, Tata Motors, ICICI Bank, M&M, Maruti Suzuki and ONGC mainly supported the surge in the Sensex. Sectorally, auto, consumer durable, FMCG and banking stocks attracted good buying support while shares from power and metal segments suffered losses.

Brokers said sentiment improved as data showed industrial production during March rose by 2.5 per cent, raising hopes of GDP growth crossing 6 per cent level in the current fiscal.

Global factors also supported the domestic markets. Asian stocks were mostly ended higher today with Japanese shares hitting fresh 5-year highs as US dollar's break above 100-yen level underpinned positive sentiment. European markets were also trading higher in early trade.

PTI




First Published: Friday, May 10, 2013, 17:22


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