Sensex shrugs off low growth, gains 266 pts | business | Hindustan Times
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Sensex shrugs off low growth, gains 266 pts

business Updated: Sep 03, 2013 01:56 IST
HT Correspondent

The Sensex on Monday gained 266 points or 1.4% to close at 18,886 — a two-week high — as positive data from overseas outweighed concerns about India’s slowing economic growth and contraction in manufacturing.

The broader NSE Nifty also rose 79 points, or 1.4%, to 5,551.

Asian shares climbed to their two-week highs as a delay in potential US military action in Syria and improving economic data from China and Europe boosted investor sentiments.

The market breadth was positive with 1,397 stocks advancing against 854 stocks declining.

Of the 30-Sensex stocks, 23 closed in the black, led by Tata Steel (5.5%). Other gainers included Maruti Suzuki (4.5%), Hindalco (3.8%), Coal India (2.9%) and ICICI Bank (2.8%). The index losers included M&M (1.9%) and Tata Power (1.8%) among others.

Among sectoral indices, metal rose 3.2% and FMCG gained 3.1%.

“The markets opened on a positive note tracking Asian markets which were trading on the back of better-than-expected Chinese data and the delayed military action of US on Syria,” said Alex Mathews, research head, Geojit BNP Paribas Financial Services.

Jaiprakash Associates (up 9.7%) and United Breweries (up 8.9%) were the top gainers on the BSE, while Pipavav Defence (down 5.0%) and Kotak Mahindra Bank (down 4.8%) were the top losers.

TCS touched another lifetime high of Rs. 2,048 (up 1.2%) while Jet rose 5.7% amid reports of Etihad’s expectations of an “imminent” clearing of investment.