Sensex bounces back from 2013 lows, closes 33 points higher
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Sensex bounces back from 2013 lows, closes 33 points higher

Last Updated: Monday, February 18, 2013, 17:53
 
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Sensex bounces back from 2013 lows, closes 33 points higher
Mumbai: The BSE benchmark Sensex Monday rebounded from the calendar year's lowest levels to close 33 points up at 19,501.08 on the back of buying in HDFC, L&T, HUL and SBI shares.

After two days of losses, the 30-share index touched an intra-day low of 19,462.92 but then progressed upwards to end at 19,501.08 -- a gain of 32.93 points, or 0.17 percent.

Brokers said trading remained cautious ahead of Budget this month-end and reduced positions to pick up fundamentally strong scrips. While Tata Steel led 17 gainers in Sensex with 2.49 percent rise, HDFC, L&T and HUL closed up in 1.5-1.9 percent range. SBI, Bhel, Sterlite and Hero Moto also closed up.

"As we move towards Budget, investors might remain on sidelines to see the outcome and then decide the future course," said Nagji K Rita,CMD, Inventure Growth & Securities.

RIL gained after Telecom Commission approved provision for companies holding internet services licences with spectrum like Reliance Jio Infocomm (RJI) to provide phone call service by paying additional fee of Rs 1,658 crore each.

Outside the benchmark indices, Jet Airways plunged 7.7 percent amid reports Etihad may revise a deal to buy stake. Sugar scrips like EID Parry, Shree Renuka and Bajaj Hindusthan gained 4-6 percent on hopes sector deregulation soon.

DLF gained 5 percent fter recent losses post-earnings.

Experts said gains were capped to some extent due to late profit booking, Moody's warning on India's widening trade deficit and tepid activity in global markets.

Sectorally, the Realty sector index gained the most at 2.08 percent, followed by Capital Goods at 1.18 percent, Power index at 1.03 percent and Metal index at 0.49 percent.

The NSE 50-share Nifty also moved up by 10.80 points or 0.18 percent to finish at 5,898.20. "A move past 5,920 could provide sustainable recovery," said Amar Ambani, Head of Research, IIFL.
Foreign institutional investors (FIIs) bought shares worth a net Rs 247.30 crore on last Friday, as per provisional data from the stock exchanges.

Globally, barring Hang Seng, which eased by 0.27 percent, other indices closed up with yen's downtrend boosting Japanese stocks. Indices in Japan, Shanghai, Singpaore, Korea and Taiwan ended higher by 0.04-2.05 percent Monday.

However, Europe showed a mixed trend. Benchmark indices in France and London eased by 0.02 percent to 0.35 percent while Germany's DAX was last quoting 0.18 percent up.

Turning the Indian market, 17 scrips out of the 30- share Sensex firmed up while 13 finished with losses.

Major gainers from the Sensex pack were Tata Steel (2.49 pc), HUL (1.89 pc), Sterlite (1.76 pc), L&T (1.57 pc), HDFC (1.47 pc), BHEL (1.22 pc), Hero Motocorp (1.20 pc), SBI (1.29 pc) Hindalco (1.18 pc) and Wipro (0.81 pc).

However, Jindal Steel dropped by 1.81 percent, followed by Coal India (1.77 pc), ONGC (1.35 pc), Dr Reddy's (1.24 pc), Bajaj Auto (1.17 pc) and TCS (1.12 pc).

The market breadth turned positive as 1,245 scrips ended higher, 860 stocks declined while 874 ruled steady.

Total turnover dropped further to Rs 1,607.73 crore from last Friday's level of Rs 1,825.03 crore.

PTI



First Published: Monday, February 18, 2013, 16:35


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