Sensex inches up to 2-month highs; L&T tanks 7% after results | business | Hindustan Times
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Sensex inches up to 2-month highs; L&T tanks 7% after results

business Updated: Jul 22, 2013 17:33 IST

Extending its winning run for fourthday, the BSE Sensex today inched up 9 points to close at two-month high of 20,159.12 helped by smart gains in HDFC, ICICI Bank and Infosys shares even as L&T tanked by over 7% after reporting a decline in profit. BHEL, Tata Steel, RIL and ONGC also saw losses but rate-sensitive auto and banking stocks helped Sensex end up.

In see-saw trade, the 30-share Sensex surrendered hefty gains in last two hours to end 9.27 points, or 0.05%, up at 20,159.12.

19 Sensex stocks gained and 11 dropped. The Sensex had gained 299 points in past 3 days. The broad-based National Stock Exchange index Nifty edged up by 2.60 points, or 0.04% to 6,031.80.

Also, SX40 index, the flagship index of MCX-SX, closed 12.62 points up at 12,059.31. "Markets witnessed a quite volatile session today, ahead of the FO expiry this week on Thursday," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.

The trend further weakened on over 12% drop in L&T April-June quarter profit at Rs 756.03 crore. However, a rebound in banking sector on value-buying and firm trend in global markets helped the market end in green, they added.

Energy major RIL ended seven-day rally by dropping 1.59 per cent to Rs 908.50 and engineering major Larsen and Toubro fell 7.46% to Rs 901.95. BHEL plunged by 7.05% to Rs 161.50 as concerns over new orders remained.

Sectorally, BSE Banking index rose by 0.98% after losing 6.2% last week. HDFC Ltd today shot up by 3.17%, ICICI Bank by 1.64% and SBI by 0.55%.

The auto sector index gained the most by 1.06%. On the other hand, capital goods index dropped by 5.57% and oil and gas index by 1.65%.