Sensex closes marginally up; capital goods, bank stocks rally
Mumbai, Feb 27 : A benchmark index for Indian equities markets closed Wednesday's trade up more than half a percent, a day before Finance Minister P. Chidambaram is due to present the union budget 2013-14.
The rebound in the market came on the day when the finance minister tabled the pre-budget Economic Survey in parliament.
The survey authored by Raghuram Rajan, chief economic advisor to the finance ministry, projected a revival in growth. It also expected a moderation in inflation.
In the markets, stocks of capital goods, bank, metal, oil and gas and public sector undertakings (PSU) rallied. However, information technology (IT), media, entertainment and technology (TECk) and healthcare scrips declined.
The rebound in the market also came a day after it closed more than one-and-half percent down due to negative global cues.
Tuesday's close was the lowest level of the 30-scrip Sensex of the Bombay Stock Exchange (BSE) in the last three months.
On Wednesday, the Sensex, which opened at 19,090.32 points, closed at 19,152.41 points, up 137.27 points or 0.72 percent from its previous close at 19,015.14 points.
The Sensex touched an intra-day high of 19,213.02 points and a low of 18,997.82 points. The midcap index was up 47.41 points, while the smallcap index was 12.69 points higher.
The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) closed Wednesday's trade higher by 35.55 points or 0.62 percent at 5,796.90 points.
The BSE IT index was down 65 points, the TECk index was down 8.87 points and the healthcare index was trading 3.36 points lower.
On the other hand, the BSE capital goods index was up 223.57 points, followed by the bank index, which was trading higher by 109.30 points, metal index, up 102.87 points, oil and gas index, 102.05 points higher and the public sector undertakings (PSU) index, up 72.10 points.
Twenty two out of 30 Sensex companies were gainers, including Bharti Airtel, up 3.29 percent at Rs.321.55; Larsen and Toubro (L&T), up 3.16 percent at Rs.1,410.45; Mahindra and Mahindra, up 3.03 percent at Rs.891.30; ONGC, up 2.91 percent at Rs.315.20; and Bajaj Auto, up 2.23 percent at Rs.1,964.70.
The major losers included Gail India, down 1.72 percent at Rs.333.70; Infosys, down 1.56 percent at Rs.2913.80; Tata Motors, down 1.11 percent at Rs.286; Coal India, down 1.08 percent at Rs.311.65; and Hero MotoCorp, down 1.01 percent at Rs.1,673.10.
Among other Asian markets, Japan's Nikkei closed 1.27 percent lower, while Hong Kong's Hang Seng ended 0.25 percent higher. China's Shanghai Composite Index closed 0.87 percent higher.
In Europe, Britain's FTSE 100 was up 0.27 percent, while the German DAX was trading 0.25 percent higher. The French CAC 40 was up 0.71 percent.