Sensex clocks first gain of 2014, up 36 points led by CIL
The Sensex on Wednesday snapped its five-session losing streak and rose for the first time this year by over 36 points led by CIL and value buying of many stocks.business Updated: Jan 08, 2014 16:52 IST
The BSE benchmark Sensex on Wednesday snapped its five-session losing streak and rose for the first time this year by over 36 points led by CIL and value buying in healthcare, PSUs, auto, metal and oil and gas company stocks amid earnings optimism.
The 30-share index, which had lost nearly 485 points in five sessions, recovered by 36.14 points, or 0.17% to end at 20,729.38 after moving between 20,786.41 and 20,688.18.
Similarly, the 50-share NSE index Nifty also moved up by 12.35 points, or 0.20%, to 6,174.60 after touching the day's high of 6,192.10. Also, SX40 index, the flagship index of MCX-SX, closed 37.24 points higher at 12,375.42.
Stocks of state-owned Coal India led the recovery by surging 4.77% to Rs 288.75 on reports that company has scheduled a board meeting next week to consider payment of an interim dividend, if any.
Other prominent gainers were Cipla, Dr Reddy, Sun Pharma, GAIL India, Bajaj Auto and Reliance Industries, helped Sensex to recover.
Brokers said the trading sentiment turned better after investors bought fundamentally strong stocks available at attractive lower levels amid hopes of encouraging quarterly earnings from blue-chip companies.
Besides, a firming trend on the other Asian bourses following overnight gains on the US markets on strong trade data, indicating economy is getting back on track, too influenced the trading sentiment, they said.
Sectorally, the Healthcare index gained the most by rising 1.04%, followed by PSU, which gained 0.82%.
Auto Index rose 0.71% and metal index ended 0.43% higher.
Among exporters stocks, Tata Consultancy Services shot up by 1.12% to Rs 2,233 on earnings optimism.
However capital goods sector was the worst performer as it lost 1.35%, while consumer durables fell by 0.58%.