Sensex rises 153 pts to 1-mth high; HDFC Bank up, Wipro down
Quotes

Sensex rises 153 pts to 1-mth high; HDFC Bank up, Wipro down

Last Updated: Monday, April 22, 2013, 17:59
 
 Comment 0
 
Sensex rises 153 pts to 1-mth high; HDFC Bank up, Wipro down
Mumbai: Sharp rise in HDFC Bank and ICICI Bank shares ahead of quarterly earnings and firm hopes of a rate cut by RBI helped the BSE benchmark Sensex jump by 153.37 points to end today at one-month high level of 19,169.83.

Besides banking and realty stocks, consumer durable, capital goods, metal and power shares also attracted buying support. However, led by Wipro, which fell nearly 8 percent, IT stocks like Infosy and TCS saw selling on muted growth prospects and concerns over US immigration issues.

The Bombay Stock Exchange 30-share barometer resumed weak but later bounced back and remained in positive terrain most of the day before closing at 19,169.83, a rise of 153.37 points or 0.81 percent. On the preceding trading day, Sensex had flared up by 285.30 points to close above the 19,000-mark.

The broader CNX Nifty of the NSE on Monday spurted by 51.30 points or 0.89 per cent to end at 5,834.40.

Brokers said the sentiment was bolstered as expectation that easing inflation and weak commodity prices might prompt the Reserve Bank of India to cut interest rate in an aggressive manner in its monetary policy meeting on May 3.

"Good liquidity coming in the market from FIIs along with falling gold prices and probable likelihood of rate cut in early next month, have boosted market sentiment," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.

Market experts said a firming trend in Asian and European markets as the Group of 20 refrained from opposing the Bank of Japan's stimulus policies, further supported the market.

Heavyweights like L&T, HDFC, RIL, SBI and ITC supported the rise in shares while Infosys, TCS, Wipro, ONGC, M&M and Bajaj Auto were major laggards in Monday's trade.

Traders said short-covering activity ahead of the expiry of futures and options contract on Thursday also helped domestic stocks remain firm.

Leading private sector banks including HDFC Bank (Tuesday) and ICICI Bank (Friday) will report January-March quarter earnings this week.

Asian stocks ended higher for the second day in a row led by Japanese exporters as the yen slid to a four-year low against the US dollar after the Bank of Japan's stimulus policies were reportedly unopposed at a Group of 20 meeting.

Key benchmark indices in Hong Kong, Japan, South Korea, Singapore, South Korea and Taiwan rose by 0.14 percent to 1.89 percent while China's Shanghai Composite eased by 0.11 percent.

European stocks market were trading higher in the early trade as key indices in France, Germany and UK moved up 0.46 percent to 0.86 percent.

Back home, 20 scrips out of the 30-share Sensex pack finished higher while 10 others ended lower.

Major gainers included Coal India (4.33 percent), L&T (4.21 percent), HDFC Bank (3.85 percent), BHEL (3.04 percent), Tata Steel (2.27 percent), ICICI Bank (2.25 percent), HDFC (2.05 percent), NTPC (2.02 percent), Hindalco (1.98 percent), Hero Motocorp (1.70 percent), SBI (1.31 percent), Sun Pharma (1.21 percent), Tata Motors (1.06 percent) and RIL (1.02 percent).

However, Infosys dropped by 2.22 percent, followed by ONGC (1.84 percent), TCS (1.75 percent), Bajaj Auto (1.67 percent), M&M (1.20 percent) and Dr Reddy's Lab (1.07 percent).

Commenting on Nifty outlook, Nagji K Rita, Chairman & MD, Inventure Growth and Securities said: "Nifty has had a sharp and smart rally from 5,500 to 5,840 levels. However, profit booking can’t be ruled out. We advise that traders remain nimble footed and expect some profit booking in this week."

Among the sectoral indices, the S&P BSE-CD rose by 4.26 percent, followed by S&P BSE-Realty (3.41 percent), S&P BSE-CG (3.33 percent), S&P BSE-Bankex (2.41 percent), S&P BSE-Metal (2.03 percent), S&P BSE-Power (2.01 percent) and the S&P BSE-PSU (1.28 percent).

However, S&P BSE-IT dropped by 2.37 percent and S&P BSE-Teck slumped by 1.26 percent.

Total market breadth remained positive as 1,390 stocks ended higher while 1,004 stocks finished lower.

Total turnover was relatively high at Rs 2,180.15 crore from Rs 2,143.94 crore last Friday.

PTI





First Published: Monday, April 22, 2013, 16:48


Comments


comments powered by Disqus
BMW-X3
BMW-X3
Forbes Best Places for Biz 2014
Forbes Best Places for Biz 2014
Hyundai Elite i20
Hyundai Elite i20
Honda Mobilio MPV
Honda Mobilio MPV
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved