Sensex up 115 pts despite weak GDP numbers
The BSE Sensex gained 115 points today in volatile trade to close at 16,123.46, as investors shrugged off low GDP growth numbers for the second quarter and bought recently battered stocks despite weak global cues.business Updated: Nov 30, 2011 17:56 IST
The BSE Sensex gained 115 points on Wednesday in volatile trade to close at 16,123.46, as investors shrugged off low GDP growth numbers for the second quarter and bought recently battered stocks despite weak global cues.
Refinery, FMCG and technology stocks were in demand, while consumer durables, realty, auto and banking attracted profit-booking.
Top Sensex heavyweight RIL gained 1.80 %, adding more than 31 points to the gains. Other blue-chips -- Bharti Airtel, ITC, ONGC, HDFC Bank, TCS, HUL and HDFC were also in demand and aided the uptrend.
However, selling in ICICI Bank, Tata Motors, Hero MoroCorp and Sterlite restricted the gains.
Meanwhile, confirming economic slowdown, GDP expanded just 6.9 % in second quarter of 2011-12, as against 8.4 % in the same period last fiscal. The government has lowered its full-year growth projection to 7.3 %.
Senior Research Analyst at Bonanza Portfolio Shanu Goel said, however, "To the relief of the bulls the growth figures came at 6.9 %, as per the market expectation. Though growth has slowed down across sectors, the market accepted the fact amid global turmoil and uncertainties."
The BSE 30-share Sensex opened lower on weak Asian cues. Later, it moved erratically before ending at 16,123.46, up 115.12 points or 0.72 %. Yesterday, it had fallen 158.79 points or 0.98 %.
The 50-issue Nifty of the National Stock Exchange also rebounded by 26.95 points or 0.56 % to 4,832.05.