Sensex snaps 8-session losing run, gains 18 points
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Sensex snaps 8-session losing run, gains 18 points

Last Updated: Monday, August 05, 2013, 18:49
 
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Sensex snaps 8-session losing run, gains 18 points
Mumbai: The benchmark S&P BSE Sensex snapped eight days of losses to end up by 18 points on fresh buying after investors deemed the recent decline excessive.

The 30-share Sensex resumed higher at 19,178.06 and moved between 19,306.51 and 19,141.68 before ending at 19,182.26, a rise of 18.24 points or 0.1 percent. It lost 1,138.11 points, or 5.6 percent, in the previous eight sessions.

The NSE 50-share Nifty gained 7.5 points, or 0.13 percent, to 5,685.40. The SX40 index on the MCX-SX closed at 11428.72, up 9.99 points or 0.09 percent.

There was fresh buying, mainly in metal, banking, IT and PSU stocks. Shares of capital goods, power, consumer durable and healthcare sectors sectors declined.

Bharat Heavy Electricals Ltd was the biggest loser on the index, falling 19.08 percent to 129.90 after the company's first-quarter profit almost halved.

"Stocks such as Sesa Goa and JP Associates have gained over 5 percent each," said Milan Bavishi, head of research at Inventure Growth and Securities. "These stocks have created trading opportunities after the fall seen in these stocks over the last few days."

Financial Technologies (India), battered in the previous two sessions amid problems at group entity National Spot Exchange Ltd, staged a comeback and rose 30.88 percent to Rs 197.95. The NSEL yesterday said it is committed to ensure proper settlement of all outstanding obligations.

FIIs invested a net Rs. 289.39 crore on Friday, as per provisional figures issued by the stock exchanges.

The day's gains were capped after a survey showed India's private sector activity contracted for the first time in over four years in July amid evidence of falling new business and a difficult economic climate.

The HSBC India Composite Output Index, which maps both services and manufacturing activity, fell to 48.4 in July, down from 50.9 in June, indicating an overall contraction.

Meanwhile, rupee today gained about 22 paise to trade at 60.88 against the dollar, bouncing back from its all-time closing low of 61.10 on Friday.

Asian stocks ended mixed on Monday, with key indices in China, Hong Kong and Taiwan moving up and indices in Japan, Singapore and South Korea declining.

The European stock markets were mixed in early trade as indices in France and Germany inched up as investors welcomed a rise in euro-zone services PMI data, while the UK's FTSE eased by 0.33 percent.

In the domestic market, 18 scrips on the Sensex ended higher, led by Sterlite Ind (4.15 percent), NTPC (3.81 percent), Coal India (3.36 percent), Hero MotoCorp (3.16 percent), Tata Steel (2.77 percent), Wipro (2.48 percent), ICICI Bank (1.76 percent), TCS (1.15 percent), M&M (1.13 percent) and ITC (0.86 percent).

Apart from BHEL, losers on the index included Bharti Airtel (2.35 percent), Tata Motors (2.01 percent), L&T (1.98 percent), Bajaj Auto (1.76 percent), Dr Reddy's Lab (1.23 percent), HDFC (1.12 percent) and Sun Pharma (1.03 percent).

Among the sectoral indices, S&P BSE-Metal rose by 2.67 percent, followed by S&P BSE-Bankex 0.97 percent, S&P BSE-IT 0.90 percent and S&P BSE-PSU 0.61 percent, while S&P BSE-CG dropped by 3.58 percent and S&P BSE-Power 1.02 percent.

The market breadth remained negative, with 1,128 shares closing lower and 1,077 gaining. Total turnover dropped to Rs 1,765.97 crore from Rs 1,855.70 crore on Friday.

PTI


First Published: Monday, August 05, 2013, 18:06


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