Markets gain on hopes of robust corporate results | business | Hindustan Times
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Markets gain on hopes of robust corporate results

The BSE benchmark Sensex and NSE 50-share Nifty both scaled more than seven-week highs on hopes of robust performance of frontline companies, reports of advance tax payments for the first quarter coupled with disinvestment news and higher global cues.

business Updated: Jun 19, 2010 16:50 IST

The BSE benchmark Sensex and NSE 50-share Nifty both scaled more than seven-week highs on hopes of robust performance of frontline companies, reports of advance tax payments for the first quarter coupled with disinvestment news and higher global cues.

Fresh buying, in realty and PSU stocks because of disinvestment news and recovery in European markets helped the
two key indices, the Sensex and the Nifty, to sustain their upward march.

The 30-scrip Sensex resumed higher at 17,118.74 and rallied to a seven-week high at 17,721.99 before ending the
week at 17,570.82, a gain of 505.87 points, or 2.96 per cent.

The government approved the disinvestment of 10 per cent each in Coal India and Hindustan Copper, as it pushes its
agenda to raise Rs 40,000 crore this fiscal through stake sales in PSUs.

IT, capital goods and FMCG counters were other gainers of the week on renewed buying from investors.

IT stocks were in demand on upbeat economic data in the US, the biggest market for the Indian infotech firms. India's
second largest software services exporter by sales Infosys advanced 5.62 per cent.

India's second-largest listed cellular services provider by sales RCom finished higher by 6.89 per cent on reports the
company may sell a stake in its telecommunications towers unit Reliance Infratel.