Sensex touches 33-month high;ends 31 pts up losing early gains
The BSE benchmark Sensex today scaled a new high of 33-months, despite losing early gains and ending up just 31 points as brisk selling in blue-chips like ITC, L&T and Infosys suffered damages in the last-hour trade. Intra-day, the Sensex had gained over 260 points before profit booking kicked in.business Updated: Oct 04, 2010 18:20 IST
The BSE benchmark Sensex today scaled a new high of 33-months, despite losing early gains and ending up just 31 points as brisk selling in blue-chips like ITC, L&T and Infosys suffered damages in the last-hour trade. Intra-day, the Sensex had gained over 260 points before profit booking kicked in.
Extending the gains for the third successive session, the 30-share barometer of the Bombay Stock Exchange ended up by 30.69 points, or 0.15 per cent, at 20,475.73. During the day, the Sensex had jumped by a whopping 261.7 points to touch 20,706.74, just 500 points short of its record high of 21,206.77 -- achieved on January 10, 2008.
In a similar trend, the National Stock Exchange's Nifty Index finished the day higher by 0.26 per cent at 6,159.45. It had breached the 6,200 level during the day. Reliance Industries extended Friday's gain and ended 1.14 per cent higher at Rs 1,017.90.
RIL, which holds the maximum weight in Sensex, had jumped 2 per cent on Friday. Barring FMCG, technology and consumer goods, all sectoral indices on the BSE ended in the green. Pharma, financials, consumer durables, auto, metal and energy led the gains. With a fall of about 2 per cent, ITC led the losers pack.
Hero Honda lost 1.85 per cent, Bharti Airtel 1.57 per cent, L&T by 1.54 per cent and IT bellwether Infosys 0.86 per cent. Other major losers were ONGC, which declined 0.89 per cent, Tata Power 0.58 per cent and SBI 0.15 per cent. In the Sensex components, 14 stocks ended with the gains, while 18 companies closed in the red.
Among the frontline banking stocks, ICICI Bank jumped by 2 per cent and HDFC 2.35 per cent. "In the banking sector, the credit growth, which had seen an uptick during first quarter of current fiscal on the back of increased deployment to the telecom sector, maintained its momentum in September quarter also," brokerage firm Sharekhan said in a report.
Tata Motors rose 1.51 per cent, after the auto major said it has received good response for its fund raising plan. The company has increased the size of its institutional share sale to USD 750 million (over Rs 3,300 crore) from USD 525 million. Some other auto stocks too witnessed attraction on good September sales figure. M&M was 2.41 per cent up--the most in the Sensex scrips. Metal stocks also saw demand, with Hindalco increasing by 0.78 per cent and Tata Steel 0.28 per cent. However, Sterlite lagged behind and ended nearly 2 per cent lower.