Sensex closes in on 15,000 in a five-day rally
Tata Steel and HDFC were the principal gainers as the BSE Sensex ended in positive territory today, the fifth day in a row, in a session of volatile trade that saw heavy profit selling and FII purchases.business Updated: Jun 02, 2009 18:13 IST
Tata Steel and HDFC were the principal gainers as the BSE Sensex ended in positive territory on Tuesday, the fifth day in a row, in a session of volatile trade that saw heavy profit selling and FII purchases.
The bellwether Sensex touched an intra-day high of 14,994.31, coming with a striking distance of the 15,000-mark.
The Bombay Stock Exchange 30-share barometer settled the day at 14,874.91, netting a gain of 34.28 points or 0.23 per cent over its previous close.
Marketmen said foreign funds made sizeable purchases in second-line stocks while some domestic institutional investors and operators booked profits in blue-chip counters.
The broader 50-share Nifty of the National Stock Exchange, however, was fractionally down 4.65 points or 0.10 per cent at 4,525.25 from its last close.
However, bulls held sway in the midst of high expectations of industry-friendly proposals in the full budget, to be presented by the new government next month.
Tata Steel added another 8.24 per cent to its kitty on strong domestic demand and a sharp rise in metal prices on London Metal Exchange (LME) and ended at Rs 474.05.
Among key gainers, HDFC gained 4.19 per cent, Sterlite Ind 3.87 per cent, Tata Motors 3.31 per cent, Mah & Mah 2.10 per cent, SBI 1.58 per cent, Grasim 1.57 per cent and ICICI Bank 1.28 per cent.
SMC Global Vice-President Rajesh Jain said, "The markets are already over-bought and smart players are booking profits at higher levels."
The market staged a smart recovery at the fag end of the session after news that the growth rate of core industries including cement, finished steel, coal and electricity nearly doubled to 4.3 per cent during April, the first month of the current fiscal.
The market is mainly driven by sustained capital inflows into equity. Foreign institutional investors pumped in more than $ 4.0 billion in May. According to provisional data, they bought shares worth Rs 279.67 crore on June 1.
ACC fell 5.83 per cent, Ranbaxy 4.50 per cent, Reliance Infra 4.34 per cent, Tata Power 3.36 per cent, DLF 2.43 per cent and HDFC Bank 2.41 per cent.
The consumer durables sector index gained the most, 2.63 per cent, to 2,906.55, followed by the metal index, by 2.48 per cent to 11,740.89. The auto index gained 1.37 per cent to 4,764.30.
Other sector indices in the positive zone were capital goods, IT, healthcare and FMCG. As buying was spread widely, the smallcap and midcap indices recorded handsome gains.
On the other hand, stocks in realty, power, public sector undertakings, banks and oil and gas recorded moderate losses on profit selling.
First Published: Jun 02, 2009 18:12 IST