Sensex rebounds 102 points on buying ahead of IIP
The BSE Sensex on Thursday gained nearly 56 points in early trade on selective buying in oil, IT and banking stocks ahead of industrial output data for April to be released later in the day.business Updated: Jun 12, 2014 18:20 IST
The benchmark Sensex rebounded 102.32 points to end near record highs led by HDFC and HDFC Bank shares ahead of industrial output and retail inflation data releases due later on Thursday.
The BSE 30-share barometer resumed higher and moved side ways in a range of over 200 points before ending at 25,576.21 - a rise of 102.32 points or 0.40%. On Wednesday, it had closed down 109.80 points or 0.43%.
The Sensex on June 10 had ended at its record closing of 25,583.69.
The wide-based 50-issue CNX Nifty of the NSE also recouped 23.05 points, or 0.30%, to end at 7,649.90.
The government is scheduled to announce Index of Industrial Production (IIP) data for April and inflation based on the combined consumer price index (CPI) for rural and urban India for May 2014 after market hours today.
According to analysts, there could be some improvement in data which might influence the apex bank to cut key interest rates in the next policy meet.
Housing loan provider HDFC and private banking major, HDFC Bank, were the most sought after stocks and closed with sharp gains. These two contributing more than 80 points to the Sensex surge. Other Sensex-based stocks like TCS, Sun Pharma, ITC, Tata Motors, Hindalco, Maruti Suzuki and NTPC also notched up handsome gains.
Smallcap and midcap stocks were also seen back in demand, helping sentiments improve, said equity dealers.
The Infosys stock, cynosure of all eyes, moved between Rs 3,298 and Rs 3,120.65 before ending 0.38% down at Rs 3,166.60. The company before trading started announced the appointment of Vishal Sikka as CEO and Managing Director.
Meanwhile, Foreign Institutional Investors (FIIs) turned net sellers and offloaded shares worth Rs 313.40 crore on Wednesday, as per provisional data from stock exchanges.