business-india-news

Sensex closes 119 points up, IT stocks gain

Mumbai, Dec 27 : A benchmark index of Indian equities markets closed Friday's trade 119 points or 0.56 percent up, on positive global cues and buying by foreign institutional investors (FIIs).


The 30-scrip S&P Sensex of the Bombay Stock Exchange (BSE), which opened at 21,114.49 points, closed at 21,193.58 points, up 118.99 points or 0.56 percent from its previous day close at 21,074.59 points.

The Sensex touched a high of 21,235.14 points and a low of 21,113.25 points intra-day.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) closed trade at 34.90 points or 0.56 percent up at 6,313.80 points.

"With positive global cues, the Sensex saw a strong performance with support by banks and IT stocks. FII flows would determine market direction," Sanjeev Zarbade, vice president- private client group research, Kotak Securities.

"Most experts believe that the December inflation reading would be lower. This might encourage the RBI to maintain status quo on interest rates. Thus, with the tapering event behind us and diminishing possibility of rate hike, there are no major market disruptive events in the near-term."

In Friday's trade, healthy buying was observed in information technology (IT), bank and technology, entertainment and media (TECk) stocks. However, oil and gas and consumer durables scrips fell in the day's trade.

The S&P BSE information technology (IT) index was up 153.93 points on reports of stronger growth in US economy, followed by bank index which gained 69.99 points and TECk index was 66.99 points higher.

However, oil and gas index was down 36.68 points and consumer durables index was lower by 10.72 points.

The major Sensex gainers were: Tata Consultancy Service (TCS), up 2.83 percent at Rs.2,158.95; Cipla, up 1.44 percent at Rs.404.75; Wipro, up 1.42 percent at Rs.555.40; Infosys, up 1.33 percent at Rs.3,562.25 and HDFC, up 1.21 points at Rs.788.60.1

The main losers were: Reliance Industries (RIL), down 1.01 percent at Rs.878.70; Maruti Suzuki, down 0.90 percent at Rs.1,775.40; BHEL, down 0.83 percent at Rs.173.25; Bajaj Auto, down 0.77 percent at Rs.1,935 and Hero MotoCorp, down 0.51 percent at Rs.2,086.80.

Among the Asian markets, Japan's Nikkei closed 0.03 percent up; Hong Kong's Hang Seng was up by 0.27 percent, and China's Shanghai Composite Index was down by 1.36 percent.

In Europe, London's FTSE 100 was trading 0.71 percent up, Germany's DAX Index was up 0.79 percent and the French CAC 40 Index was up by 1.03 percent.

--IANS (Posted on 27-12-2013)

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