Led by banks & PSUs, Sensex gains 87 points
The Bombay Stock Exchange benchmark index Sensex after a weak start, bounced back to close higher by 86.75 at 17,641.08 after hitting a high of 17,712.60 and a low of 17,505.50 during the session.business Updated: Jan 18, 2010 19:43 IST
The Bombay Stock Exchange benchmark index Sensex on Monday rose 87 points on funds buying in blue-chip counters led by banks and PSUs.
The Sensex after a weak start, bounced back to close higher by 86.75 at 17,641.08 after hitting a high of 17,712.60 and a low of 17,505.50 during the session.
The largest software major TCS surged to all-time high of 816.40 in early trade after it beat street expectation on Friday with an over 33 per cent jump in profit. The stock closed at Rs 799.60.
The third-biggest lender HDFC Bank climbed Rs 76.55 to Rs 1,767.55, after Morgan Stanley upgraded it to "overweight" from "equal-weight," saying lower credit-cost estimates are boosting earnings forecasts.
The National Stock Exchange index Nifty 50 rose by 22.65 to 5,274.85, after moving between 5,292.50 and 5,228.95.
Even as the stock markets in Asia remained weak, a better opening in Europe pushed the local markets in the last hour of trade.
Among the 30 Sensex counters, 19 gained while other 11 ended with losses. The bank and finance company stocks gained the most with the banking index rising 2.41 per cent on expectations of better third quarter earnings. The second biggest gainer was PSU index with a 1.91 per cent jump.
The auto index rose by 1.70 per cent, consumer durables by 1.37 per cent, IT index by 0.59 per cent, and Tech index by 0.59 per cent to 3,418.11. However, the upsurge was checked as stocks in healthcare, oil and gas, metal and power sectors closed with losses.