Sensex closes at over 1-week high; Hindalco logs best gain
Rising for the third session, the benchmark Sensex on Thursday edged higher to end at over one-week closing peak of 25,561.16 supported by gains in shares from metal and power sectors.business Updated: Jul 17, 2014 16:45 IST
Rising for the third session, the benchmark Sensex on Thursday edged higher to end at over one-week closing peak of 25,561.16 supported by gains in shares from metal and power sectors.
After rising nearly 64 points, the BSE barometer pared gains amid profit-booking in realty, oil and gas and auto stocks.
Hectic buying, however, was seen in mid-cap and small-cap shares with their BSE indices gaining over 1.3% each, outpacing blue-chip Sensex's mere 0.04% rise.
Investors adopted a cautious stance after two days of hefty gains and preferred to book some profits, brokers said.
The Sensex resumed higher at 25,540.92 ahead of TCS and Bajaj Auto quarterly earnings. It advanced to 25,613.03 but was later trapped in a narrow range, before closing 11.44 points, or 0.04% higher at 25,561.16. This is its strongest level since 25,582.11 on July 8.
In the previous two sessions, the Sensex gained nearly 543 points as positive economic data and the RBI's easing of financing norms for infrastructure development boosted buying.
The Bajaj Auto scrip slipped over 2% after the firm reported marginal year-on-year increase in June quarter net profit. TCS shares also ended 0.8% weak ahead of earnings later in the afternoon.
Among 17 gainers in 30-share Sensex pack, Hindalco surged 3.91%, followed by Tata Power (3.53%), Tata Steel (2.99%) and Coal India (2.86%).
In the 13 Sensex laggards, shares M&M saw the biggest drop of 3.18%, followed by Bajaj Auto, GAIL nd TCS.
Meanwhile, the NSE 50-issue Nifty ended with a marginal gain of 16.05 points, or 0.21%, at 7,640.45, its second straight highest close since July 7. Intra-day, it moved in the range of 7,655.65 and 7,612.70.
Foreign Portfolio Investors (FPIs) had bought shares worth a net Rs 621.68 crore on Wednesday.