Sensex closes 40 points up; L&T leads gain | business | Hindustan Times
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Sensex closes 40 points up; L&T leads gain

business Updated: May 18, 2010 18:25 IST

Erasing early losses, the Bombay Stock Exchange benchmark Sensex on Tuesday closed 40 points up as funds returned to buying mode encouraged by robust Q4 numbers by corporate Larsen & Toubro.

Snapping the two-day loss, the 30-share barometer of the Bombay Stock Exchange settled at 16,875.76 points, up 0.24 per cent, or 40.20 points.

The benchmark moved between 16,744.13 to 17,000.34 level in a volatile session. Some correction was witnessed in the day and the index finally closed in the green on emergence of fresh buying and a firm start in European markets.

The wide-based Nifty index of the National Stock Exchange finished at 5,066.20 points, up 0.12 per cent.

"The market has digested issues related with the Greece debt crisis and is likely to discount the losses it made in the past few sessions. Volatility will remain in the market," CNI Research CMD Kishor P Ostwal said.

L&T continued to lead the gains for the second day in a row, after it posted a robust 44 per cent growth in March quarter profit. The stock surged 3.26 per cent to Rs 1,657.95. Reliance Communications rose 2.4 per cent.

Index heavyweight Reliance Industries Ltd advanced 0.39 per cent to Rs 1,020.70.

On the sectoral front, consumer goods, consumer durables, FMCG and refinery led the rise, while metals, realty, auto and banking stocks were major losers.

Among frontline stocks, ONGC, Wipro, Grasim, Jaiprakash Associates and SBI climbed in the range of 1 to 2.2 per cent.

In the pack of 30-blue-chip stocks on the BSE, 19 gained, while 11 closed in the red.

Tata Motors dropped 2.21 per cent, the most in BSE-30. In the gang of losers, Sterlite Industries declined 1.73 per cent, HDFC Bank by 1.49 per cent, ICICI Bank by 1.45 per cent and Tata Power by 1.32 per cent.

"Investor risk appetite has declined sharply, with their prior experience during the post Lehman Brothers' crisis and now trading cautiously in the intermediate phase until the current impasse is over," Reliance Securities said in a note.

On the global front, most of the Asian bourses ended in the green with China's Shanghai Index bouncing back 1.36 per cent. European stocks were also trading in the positive zone in the mid-session.