Sensex up 155 points; rises to another high of 32 months
Led by Reliance Industries and Infosys, the BSE benchmark Sensex touched another 32-month high today, rising 155 points, as it continued its northward journey for the seventh successive session as healthy advance tax numbers trickled in.business Updated: Sep 15, 2010 17:07 IST
Led by Reliance Industries and Infosys, the BSE benchmark Sensex touched another 32-month high on Wednesday, rising 155 points, as it continued its northward journey for the seventh successive session as healthy advance tax numbers trickled in.
Besides, RIL said it was seeking a hike in gas prices and Infosys was up on better retail growth data from US, which is the IT firms biggest market.
Equity analysts said sustained capital inflow and healthy advance tax numbers helped the market to scale the fresh high in about two-and-half years for another day.
The Bombay Stock Exchange's 30-share barometer closed the day higher by 155.15 points, or 0.80 per cent, at 19,502.11 -- its best close since January 17, 2008.
The wide-based 50-share Nifty Index of the National Stock Exchange breached the 5,800 mark and ended 1.1 per cent higher at 5,860.95
"The second installment of advance tax numbers today gave a hint of good September quarter corporate results and helped the market sentiment to remain buoyant," Geojit BNP Paribas Research Head Alex Mathews said.
Reliance Industries Ltd, which holds the maximum weight in the Sensex, rose 2.3 per cent to regain the 1,000 level after more than month. Mukesh Ambani-led energy major closed trade at Rs 1,010.45.
"RIL had not participated in market rally very actively. Reports of higher advance tax number fulled the rally in the scrip," Mathews said.
Infosys, the second heaviest component in the Sensex, too supported the rally and ended 2.4 per cent higher. Infosys was the best performer stock in Sensex pack.
Other rivals also gained smartly, after promising US data from retail sector and Fed's recent optimism that economic recovery, while slow, is proceeding. Wipro rose 2.25 per cent and TCS 2.18 per cent.
Major banking stocks continued to rally amid hopes that moderating inflation could prompt the RBI to temporarily halt its monetary tightening as measures. HDFC Bank surged 1.76 per cent and HDFC 1.34 per cent.
Market is keenly watching what Reserve Bank of India has to unfold tomorrow in its policy review.
Barring auto, all the sectoral indices ended in the green with IT, oil & gas and technology shares leading the gains.
Tata Motors plunged 2.86 per cent and the worst performer in the BSE-30 pack. SBI saw profit booking and ended 1.7 per cent lower, ACC 1.14 per cent and BHEL 0.88 per cent.
In the Sensex pack, 17 stocks ended with gain, while 13 scrips closed in the red.
Global market were mixed. In Asia China's Shanghai index ended in red, while Japan's Nikkei Index rallied 2.2 per cent. Eupean stocks were trading in the red in mid-session.
"The Indian markets advances even as other international markets struggled for direction," said an analyst.