Sensex recovers 45 points in volatile trade; Bharti in limelight
In volatile trade, the BSE benchmark Sensex on Wednesday recovered by 45 points to end above 20,000-mark on buying in Bharti Airtel, ITC, Tata Power and Hero MotoCorp.
Mumbai: In volatile trade, the BSE benchmark Sensex on Wednesday recovered by 45 points to end above 20,000-mark on buying in Bharti Airtel, ITC, Tata Power and Hero MotoCorp.
Besides stock-specific developments, market participants were also enthused by Finance Minister P Chidambaram's comments to widen tax base and ramp up revenues, brokers said.
The Sensex, which had lost 120 points in the previous sesson, bounced back by 45.04 points, or 0.23 percent to close at 20,026.61 points.
After a better start, the 30-share index touched day's high of 20,058.07 and a low of 19,920.91 as investors continued to adjust their portfolios after recent gains.
Bharti Airtel closed 4.4 percent up as it has hiked rates of special tariff vouchers and reduced free minutes usage, barely a month after hiking price of 2G data plans.
Stocks of banking, IT and capital goods sectors attracted buying on steady inflow of better corporate earnings by key index-related companies.
However, HUL shares tanked by 4.4 percent after reporting quarterly numbers and announcing hike in royalty payment to parent Unilever yesterday.
The broad-based National Stock Exchange index Nifty rose by 5.80 points, or 0.10 percent to 6,054.30.
In the banking sector index, State Bank of India, HDFC Bank, HDFC Ltd and ICICI Bank gained. In the capital goods sector, L&T, BHEL and Siemens and ABB registered gains.
Reliance Industries and Infosys also closed higher.
Outside the index, shares of HDIL tumbled by 14.33 percent.