Sensex gains 65 pts, banking-PSU stocks up
Heavy-weight Tata Steel stocks face selling pressure and fell to Rs 511.35business Updated: Apr 18, 2007 21:18 IST
The stock market benchmark Sensex recovered by more than 65 points on Wednesday on the back of fresh buying by funds on better-than-expected earnings from another IT major -- HCL Technologies.
However, heavy-weight Tata Steel stocks faced selling pressure and fell by Rs 17.30 to Rs 511.35 after the company's board announced debt and equity issues to finance its $12.9 billion Corus acquisition.
The BSE-30 share index, Sensex, which had lost nearly 88 points on Tuesday, staged a comeback to close 65.15 points or 0.48 per cent up at 13,672.19 points after touching the day's high of 13,762.92, thanks to a rally in IT, banking, PSU and healthcare sector stocks.
The wide-based National Stock Exchange index Nifty, regained 4,000 mark to close 26.75 points, or 0.67 per cent higher at 4,011.60 after touching the day's high of 4,039.25 and a low of 3,981.75 points.
HCL Technologies on Tuesday reported a 72 per cent year-on-year growth in net profit at Rs 331.80 crore for the quarter ended March 31, 2007.
Stocks of HCL Technologies traded heavily throughout the session on the back of strong earnings and ended Rs 21.80, or 7.22 per cent at Rs 323.70.
Reliance Industries' stocks continued to remain at the centre of brisk activity, largely on the back of strong fundamentals and gathered another Rs 10.40 at Rs 1,486.45.
Other major gainers which helped Sensex to recover were State Bank of India, ICICI Bank, ONGC, NTPC, ACC, Bharti Airtel, BHEL, HDFC Ltd, Ranbaxy and Wipro.