Sensex closes 290 points up; bank stocks rise

Mumbai, Feb 13 (IANS) Positive global cues and expectation of further reforms in the upcoming budget led a benchmark index of Indian equities markets to gain 290 points or 1.01 percent in Friday’s trade.

This was the fourth consecutive session of gains for the barometer index. The benchmark index gained 867 points in the last four trading sessions.

However, the markets had slumped by 491 points or 1.71 percent Monday on the back of weak global cues that subdued investor sentiment.

In Friday’s trade healthy buying was observed in banking, healthcare, automobiles, fast moving consumer goods (FMCG) and metal sectors while realty and oil and gas scrips came under selling pressure.

“The markets were trading higher due to positive global cues and easing concerns over Greece, after they reached an agreement with its Euro zone counterparts to solve their current debt crisis,” said Alex Mathews, head research, Geojit BNP Paribas Financial Services.

“Some of the large-cap company’s good quarterly performance were also supported the markets,” Mathews added.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 28,888.99 points, closed the day’s trade at 29,094.93 points, up 289.83 points or 1.01 percent from the previous day’s close at 28,805.10 points.

The Sensex touched a high of 29,154.67 points and a low of 28,835.70 points in the intra-day trade.

“Markets closed the week with another positive day of trading. Supporting global markets, cease-fire between Russia and Ukraine and expectations of a pro-growth budget, helped markets overcome the results of the Delhi assembly elections,” said Dipen Shah, head- private client group research, Kotak Securities.

“The better-than-expected numbers from SBI, M&M also helped sentiments and so also the lower-than-expected CPI (consumer price index) numbers,” Shah added.

The S&P BSE banking index gained 289.73 points, healthcare soared by 243.86 points, auto index increased 208.66 points, FMCG index got augmented by 146.24 points and metal index moved up by 103.24 points.

However, realty index fell 16.44 points and oil and gas index was down 15.74 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed trade with healthy gains. It was up 93.95 points or 1.08 percent at 8,805.50 points.

The major Sensex gainers were: State Bank of India (SBI), up 7.96 percent at Rs.307.05; Mahindra and Mahindra, up 5.11 percent at Rs.1,192; Tata Consultancy Services (TCS), up 3.08 percent at Rs.2,538.65; Coal India, up 2.37 percent at Rs.377.50; and Wipro, up 2.15 percent at Rs.660.35.

The losers were: Gail, down 3.96 percent at Rs.406.25; BHEL, down 3.12 percent at Rs.259.55; ONGC, down 1.99 percent at Rs.339.90; HDFC Bank, down 1.09 percent at Rs.1,065.85; and Infosys, down 0.82 percent at Rs.2,296.40.

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