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HindustanTimes Sat,02 Aug 2014

Sensex hits six-week high; rises 117 points led by HUL

PTI  Mumbai, April 30, 2013
First Published: 09:38 IST(30/4/2013) | Last Updated: 16:45 IST(30/4/2013)

The BSE benchmark Sensex on Tuesday rose 117 points to close at a six-week high of 19,504.18 on funds buying in bluechips led by FMCG stocks such as Hindustan Unilever after its parent company Unilever Plc announced an open offer to hike stake in its Indian arm to 75%.

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The Sensex rose by 116.68 points, or 0.60%, to 19,504.18, a level last seen on March 15. The index had gained 101 points in the previous session.

The gauge had touched the day's high of 19,622.68 and a low of 19,317.38 as investors continued to shift their portfolios in fundamentally strong stocks.

Similarly, the National Stock Exchange index shuttled between 5,962.30 and 5,867.80 before ending with a gain of 26.10 points, or 0.44%, to 5,930.20.

The stock of Hindustan Unilever remained a star performer by surging 17.28% to Rs. 583.60 after Anglo-Dutch consumer goods giant Unilever Plc said it will spend USD 5.4 billion (over Rs. 29,380 crore) to hike stake in its Indian arm to 75% through an open offer.

In 30-BSE index-components, 18 stocks gained led by ICICI Bank, Mahindra and Mahindra, Sun Pharma, Infosys, Coal India, BHEL and Dr Reddy's Lab.

The FMCG sector gained the most by 4.65% to 6,548.52 backed by HUL and metal index was second best performer by adding 0.96% to 8,651.05 as copper maker Sterlite Industries rose by 4.03% to Rs. 95.45 after reporting higher quarter earnings.

Trading sentiment partly influenced as investors expecting an interest rate cut in the Reserve Bank of India's monetary policy on May 3.


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