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HindustanTimes Thu,02 Oct 2014

Sensex up 257 pts on positive GDP hopes

HT Correspondent, Hindustan Times  Mumbai, November 29, 2013
First Published: 09:53 IST(29/11/2013) | Last Updated: 00:47 IST(30/11/2013)

The Sensex on Friday gained by 257.02 points, or by 1.25%, to close at 20,791.93 shortly before the government announced second quarter gross domestic product (GDP) growth rate of 4.8%. The Nifty gained by 84.25 points, or 1.38%, to close at 6,176.10 points.

“In expectation of an improvement in GDP numbers, the markets opened on a buoyant note and remained robust till the end,” said Jayant Manglik, president of retail distribution, Religare Securities.

GDP grew by 4.8% in the July-September quarter of 2013-14 against 5.2% in same period of the previous financial year.

All of the 13 sectoral indices of the Bombay Stock Exchange (BSE) closed in the green zone. The top gainers were the Bankex up by 2.21%, with both private as well government-run banks gaining. Syndicate Bank was one of the top gainers on Friday; its shares rose 5.71%.

Besides banking, the PSU Index rose by 1.88% and capital goods gained by 1.79%. Of the companies that were traded on the BSE on Friday, the share prices of 1,455 companies gained, while the share prices of 1,043 companies fell. The prices of 174 companies remained unchanged.

Domestic institutional investors bought shares worth Rs. 330 crore on Thursday, snapping a selling streak of at least 12 days, according to the most recent available exchange and regulatory data.

Traders say buying by domestic investors, if sustained, would brighten prospects for shares after foreign institutional investors pumped in a net $6 billion (about Rs. 37,626 crore) into cash shares since late August.

For fresh buying, one may consider private banking counters and select mid-cap stocks, Manglik added.


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