Sensex closes 148 points up, highest in a month
The benchmark BSE Sensex recovered by over 148 points Friday to close at a one-month high of 27,957.50 on across-the-board buying by participants amid renewed hopes of a rate cut and better-than-estimated corporate earnings.business Updated: May 22, 2015 16:45 IST
The benchmark BSE Sensex recovered by over 148 points Friday to close at a one-month high of 27,957.50 on across-the-board buying by participants amid renewed hopes of a rate cut and better-than-estimated corporate earnings.
Besides, a higher closing at other Asian markets and a better opening in European markets influenced trading sentiments, brokers said.
The 30-share index opened higher and quickly regained the crucial 28,000-mark in afternoon trade to hit the day's high of 28,071.16 on optimism over rate cut by the Reserve Bank of India.
However, profit-booking in banking counters dragged down the benchmark below the 28,000-mark and settled 148.15 points, or 0.53% higher at 27,957.50.
The gauge had scaled the 28,000-mark after a gap of nearly one month as Sensex had traded above this mark on April 23 last.
On a weekly basis, Sensex rose by 633.50 points, or 2.31%, extending its winning streak to the third straight week.
Meanwhile, SBI shares, after surging over 5% on the back of 23% jump in stand-alone net profit in Q4, succumbed to profit-booking at higher levels and ended 2.38% down at Rs 282.45.
ITC Ltd ended higher by 0.34% to Rs 328.45 after soaring to the day's high of Rs 333.20 ahead of Q4 earnings.
Major gainers among the 30 Sensex stocks were HDFC Ltd, TCS Ltd, Sun Pharma, ONGC, L&T, BHEL, Tata Motors, RIL, GAIL, Coal India, Dr Reddy, Bajaj Auto, NTPC and M&M.
In the 30-Sensex constituents, 17 ended higher and 12 finished lower. ICICI Bank closed steady at Rs 313.40.
Sector-wise, BSE IT index gained the most by rising 0.91%, followed by Healthcare (0.86%), Capital Goods (0.78%), Oil & Gas (0.60%), Teck (0.60%), FMCG (0.37%), Auto (0.27%) and Power (0.17%).