Sensex recovers 101 pts on better earnings by HUL, global cues
Mumbai: The BSE benchmark Sensex Monday recovered by 101 points led by fresh buying in blue-chips such as HUL, ITC, ONGC and ICIC Bank on better earnings and expectations of monetary policy support by the RBI amid a firming global trend.
Better-than-expected fourth quarter earnings by FMCG major Hindustan Unilever (HUL) on the back of robust sales across various business verticals, boosted the market sentiment.
Shares of FMCG major Hindustan Unilever ended higher by 6.98 percent. HUL Monday posted 14.65 increase in its net profit at Rs 787.20 crore for the fourth quarter ended March 31, 2013.
The Sensex resumed higher at 19,306.67 and hovered in a range of 19,428.94 and 19,284.40 before ending at 19,387.50 showing a net gain of 100.78 points or 0.52 percent from its last weekend's level.
The NSE index Nifty also rose by 32.65 points, or 0.56 percent, to 5,904.1.
Brokers said trading sentiment improved on reports of better quarterly earnings by HUL, Hero MotoCorp, ICICI Bank and Maruti Suzuki.
Two-wheeler major Hero MotoCorp jumped by 3.24 percent despite it reported 4.86 percent decline in its net profit at Rs 574.23 crore for the fourth quarter ended March 31.
IT stocks bounced back in trade today after hammering last week.
The market received further support on firming global trend as Italy formed a new government and optimism grew that central banks will decide to maintain economic stimulus in their meetings this week, brokers added.
IMF saying the India's GDP is likely to improve to 5.7 percent in 2013 and further to 6.2 percent a year after, also influenced the market sentiment, they added.
FIIs bought shares worth a net Rs 224.75 crore on last Friday as per provisional data from the stock exchanges.
In 30-BSE index components, 19 stocks closed with gains. The Consumer Durable sector index gained the most by 2.43 percent followed by FMCG index by 2.30 percent.
The interest-sensitive realty sector rose by 1.53 percent to 1,921.89 on rate cut hope by the RBI on May 3.
Asian stocks ended mixed. Key benchmark indices in Hong Kong, Singapore and Tawian moved up by 0.10 percent to 0.39 percent, while South Korea's Seoul Composite declined by 0.20 percent.
European markets were trading higher amid optimism central banks in US and Europe will maintain monetary stimulus. Key indices in France, Germany and the UK moved up by 0.02 percent to 0.62 percent.
Indication of higher opening in US index futures was also the another factor behind rise in share prices.
Turning the local market, 18 scrips out of the 30-share Sensex ended higher while 12 others finished lower.
Other major gainers from the Sensex pack Wipro (3.57 percent), Sterlite Ind (2.29 percent), ITC (1.69 percent), ONGC (1.37 percent), M&M (1.29 percent) and BHEL (1.27 percent).
However, Jindal Steel dropped by 4.24 percent followed by Coal India 1.74 percent and Sun Pharma 1.50 percent.
Among the sectoral indices, the S&P BSE-Consumer Durable rose by 2.43 percent followed by S&P BSE-FMCG 2.30 percent, S&P BSE-Realty 1.53 percent, S&P BSE-Power 1.44 percent, S&P BSE-Teck 1.04 percent and the S&P BSE-IT 1.03 percent.
The total market breadth turned positive as 1,289 stocks ended in green while 1,070 stocks finished in red. The total turnover rosed to Rs 2,358.59 crores from Rs 2,259.22 crores on last Friday.
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