Sensex rebounds 147 pts to a week-high on buying in blue chips | business | Hindustan Times
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Sensex rebounds 147 pts to a week-high on buying in blue chips

Snapping 2-session falling streak, the BSE Sensex bounced back to a week's high today - up 147 points at 18,654 on strong buying in blue chips like RIL, Infosys and ICICI at relatively lower levels, amid largely positive cues from global markets.

business Updated: Jul 19, 2011 18:08 IST

Snapping 2-session falling streak, the BSE Sensex bounced back to a week's high on Tuesday - up 147 points at 18,654 on strong buying in blue chips like RIL, Infosys and ICICI at relatively lower levels, amid largely positive cues from global markets.

Other stocks carrying heavy weightage on the Sensex - ITC, SBI, L&T, TCS and Bharti also made strong gains. In all, these eight stocks added over 130 points to the gains.

HDFC Bank's better-than-expected Q1 earnings, up nearly 34%, too helped lift the overall market sentiment, although its own scrip ended in red - down 1%.

Sector-wise, consumer durables, IT, banking and realty counters received strong demand, while auto continued to attract profit-booking on fears of a further rise in key rates at RBI's monetary policy review on July 26.

The Bombay Stock Exchange 30-share barometer opened higher but fell in the negative terrain on weakness in Asian markets. Later, it bounced back to settle at 18,653.87 - net gain of 146.83 points or 0.79%. In last two sessions, it lost 111.10 points or 0.60%.

The broader NSE 50-issue Nifty also recovered by 46.50 points or 0.84% to 5,613.55.

Globally, investor cues from Europe were strong as the worries over last week's banking stress tests receded, amid good results by Swiss pharma company Novartis AG and US tech giant IBM, which raised its full year outlook.

The CAC was up by 1.23%, the DAX by 1.50% and the FTSE by 0.51%.

"The Indian market today surged due to strong opening of European shares. Besides, HDFC Bank's results beat street analysts estimates, although its own stock ended in the negative zone," Geojit BNP Paribas Financial Services research head Alex Mathew said.

In Asia, however, the key benchmark indices in Hong Kong and Singapore settled with gains, while those in China, Japan, South Korea and Taiwan ended with losses.

Back home, FIIs - the major market movers that have invested heavily in Indian markets over the past few weeks - sold shares worth Rs 93.01 crore yesterday as per the provisional data.

Overall, 24 out of 30 Sensex-based scrips closed in the green, while others settled in the red. DLF was the top gainer with a rise of 2.09%, followed by Sterlite Ind (1.77%), Tata Power (1.62%), SBI (1.59%), Infosys (1.45%), Bharti Airtel (1.39 pc), RIL (1.39 pc), M&M (1.33 pc), ITC (1.29 pc), RCom (1.28 pc), Hindalco (1.26 pc), TCS (1.24 pc), ICICI Bank (1.18%) and L&T (1.07%).

However, Tata Motors declined 3.16%, Hero Honda (1.22%), Maruti Suzuki (0.79%) and HDFC Bank (0.7%).

From the sectoral indices, BSE-Consumer Durables rose by 1.42%, IT (1.17 pc), Teck (1.16%), Realty (1.12%), Metal (0.90%) and Oil & Gas (0.89%).

The total market breadth at BSE remained strong with 1,652 stocks gaining ground, as against 1,219 that finishing with losses. The turnover improved further to Rs 2,863.12 crore from Rs 2,642.91 crore on Monday.

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