Advertisement

HindustanTimes Fri,11 Jul 2014

Volatile Sensex ends 88 pts higher; Bharti Airtel, ONGC surge

PTI  Mumbai, June 25, 2013
First Published: 11:06 IST(25/6/2013) | Last Updated: 17:34 IST(25/6/2013)

After rising 260 points, the S&P BSE Sensex on Tuesday surrendered some gains on profit-booking in the last half an hour to end about 88 points higher helped by smart jump in bluechips like Bharti Airtel, ONGC and M&M, amid a stable trend in the rupee.

Advertisement

Firm European cues and talk of short-covering ahead of expiry of derivatives contract on June 27, also helped domestic stocks cement gains, said traders.

The Bombay Stock Exchange 30-share barometer commenced slightly lower following weak Asian cues as Chinese markets slumped over 5% on fears of liquidity crunch.

Later, Sensex bounced back due to firm opening in Europe and touched a high of 18,802.31, showing a rise over 260 points. However, the surge proved to be short-lived as it partly succumbed to profit-booking to settle at 18,629.15, still showing a rise of 88.26 points or 0.48%.

Yesterday, it had tumbled by 233.35 points.

The wide-based 50-issue CNX Nifty of the NSE also rose by 18.85 points, or 0.34% to 5,609.10. Also, SX40 index, the flagship index of MCX-SX, closed 84.79 points at 11097.94.

Sensex-based counters like ITC, ONGC, RIL, HDFC Bank, Bharti Airtel, M&M and L&T were in keen demand while ICICI Bank, HDFC, SBI, TCS, NTPC, Tata Motors and Wipro ended down.

Bharti Airtel was in demand ahead of an EGoM meeting to decide on airwaves auction price. ONGC shot up by 3.8% after OVL-OIL announced USD 2.5 billion buy of Videocon's 10% stake in a Mozambique gas field.

According to market participants, the market may remain volatile in the next couple of days ahead of expiry of the futures & options (F&O) June contract on Thursday.

"...selling continued in most of the midcaps and metal stocks. Despite gains, market breadth remained negative," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.

Rupee was trading flattish at 59.6 levels today after settling at all-time low closing of 59.67/68 against dollar yesterday.

Today, second-line stocks, however, underperformed Sensex as the BSE-Midcap and BSE-Smallcap indices closed down by 0.45% and 0.42%, respectively.

Global markets also saw a volatile day today.

The Asian market firmed up and European stocks opened higher as the People's Bank of China allayed concern over a cash crunch and investors awaited US home sale data.

Asian markets finally ended mixed with downward bias as indices in Singapore and Hong Kong firmed by 0.21% and 0.51%, respectively. However, indices in China, Japan, South Korea and Taiwan ended down in 0.19-1.22% range.

Key indices in France, Germany and UK firmed up in 0.76% to 1.36% range.

US stocks fell sharply yesterday, following a 5.3% tumble in the Shanghai stock market overnight spurred by worries over China's economy and banking system. Dow Jones Industrial Average and Nasdaq fell by around 1% each.

Back home, 16 scrips out of the 30-share Sensex pack finished with gains while others ended lower. Major gainers from Sensex were Bharti Airtel (4.34%), ONGC (3.80%), M&M (3.18%), Hindalco (2.76%), ITC (1.84%), HDFC Bank (1.43%), RIL (1.32%) and L&T (0.95%).

However, NTPC dropped by 2.61%, followed by Tata Power (2.07%), Wipro (1.92%), SBI (1.75%), HDFC (1.59%), ICICI Bank (1.56%), Coal India (1.3%), BHEL (1.15%) and TCS (1.12%).

Among the sectoral indices, S&P BSE Oil&Gas rose by 1.53%, followed by S&P BSE-CG (0.68%), S&P BSE-FMCG (0.54%), S&P BSE-Auto (0.51%) and S&P BSE-Realty (0.46%).

However, BSE-Power dropped by 1.19%, followed by S&P BSE-CD (0.69%), S&P BSE-HC (0.55%) and S&P BSE-Metal (0.52%).

Total market breadth remained negative as 1,313 stocks ended down while 981 stocks finished up. The total turnover rose to Rs. 1,929.66 crore from Rs. 1,647.90 crore yesterday.

Meanwhile, Foreign Institutional Investors (FIIs), the main market mover, sold shares worth a net Rs. 1,552.98 crore (over USD 260 million) yesterday, as per provisional data from the stock exchanges.


Advertisement
more from Business
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved