Sensex snaps two-week losses, up by 147 points
In a cautious two-way movement, the benchmark Sensex snapped its two-week losses and ended in a positive terrain on the back of domestic funds buying despite capital outflow from foreign funds.business Updated: Jan 22, 2011 14:01 IST
In a cautious two-way movement, the benchmark Sensex snapped its two-week losses and ended in a positive terrain on the back of domestic funds buying despite capital outflow from foreign funds.
IT as well as some of the financial stocks mainly helped the Sensex to land in positive terrain while oil&Gas, Capital goods and FMCG and Realty counters attracted profit booking.
Beating the market expectations, the country's largest software exporter, TCS, announced strong Q3 results, helping the benchmark Sensex to regain 19K-mark.
Fall in food inflation to 15.52 % for the week ended January 8 from 16.91 % in the preceding week also helped to the market to end in positive.
However, market breadth was negative due to sell-off in second line stocks by wary retail investors on concerns over expectations of hike in interest rates by the apex bank in a quarterly policy review meeting on January 25.
The Bombay Stock Exchange 30-share barometer snapped its two-week losses by gaining 147.09 points or 0.78 % to end the week at 19,007.53. It had lost by nearly 1,648.65 points or 8.04 % in the last two weeks.
The NSE 50-share nifty also recovered by 41.95 points or 0.74 % to finish at 5,696.50 after registering a loss of 479.95 points or 7.82 % in the last two weeks.
Sensex-based software bellwethers TCS and Infosys Tech ended higher by 8.39 % and 1.46 % respectively while from the financial stocks, Icici Bank firmed up 5.47 per cent followed by HDFC Bank by 2.22 %, SBI by 3.82 per cent and HDFC by 1.75 %.
Other gainers from the Sensex pack were Bajaj Auto (5.18 %), M&M (4.33 %), Cipla (4.11 %), Jindal Steel (2.82 %), Hindalco (2.33 %) and Tata Steel (1.27 %).
Reliance Infra shares tumbled by 7.66 % after the market regulator SEBI late last Friday passed a consent order with regard to its probe into possible violation of regulations by the Rel Infra and RNRL.
Other losers were ONGC (6.25 pct), Tata Power (3.50 pct), Larsen (3.53 pct), Hero Honda (3.46 pct), DLF (2.57 pct), Rel Com (1.66 pct), Wipro (1.51 pct) and Reliance Ind (1.46 pct).
Among the major indices the Bankex shot up by 498.37 points or 4.21 pct, the BSE-IT by 191.27 points or 2.97 pct, the BSE-Metal by 362.42 points or 2.21 pct the BSE-Teck by 75.62 points or 1.98 pct and BSE-CD by 96.82 points or 1.63 pct. However, the BSE-OIL&Gas fell by 232.66 points or 2.33 %, the BSE-Capital Goods by 279.86 points or 2.03 per cent, the BSE-FMCG by 43.15 points or 1.20 % and the BSE-Realty by 29.54 points or 1.17 %.
Small cap and Mid-cap indices also fell by 47.67 points and 31.91 points or 0.53 pct and 0.44 pct respectively.
The total turnover at BSE and NSE fell to Rs 15,968.90 cr and Rs 60,842.74 cr respectively from the last weekend's level of Rs 17,637.52 crore and Rs 70,115.03 cr.