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BW Businessworld

Sensex Up 76 Pts To 3-Month High

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Continuing its upward march for the third day in a row, the Sensex rose nearly 76 points on July 5 to end at 17,538.67, its highest closing in 3 months, despite mixed global trends ahead of key European Central Bank meet.

The BSE benchmark index opened higher but soon dipped to the day's low of 17,423.45 as rupee weakened to below 55-level a US dollar.

After trading in a narrow 139-point range, Sensex finally ended 75.86 points higher or 0.43 per cent at 17,538.67, the highest closing after Sensex ended at 17,597.42 on April 3.

"Strong FII fund flows and expectations of measures from the government to boost the sagging economy helped the market remain firm," said Alex K Mathews, head, technical and derivatives research, Geojit BNP Paribas Financial Services.

The day's gains were led by FMCG, banking and capital goods scrips. The 21 gainers in the 30-share index included Cipla, ICICI Bank, Tata Motors and ITC while the nine losers were led by ONGC, Bajaj Auto, Coal India and Sterlite.

Likewise, the 50-share National Stock Exchange index Nifty rose by 24.75 points or 0.47 per cent to 5,327.30.

Brokers said investors were shy of buying large-caps and they put money in small-cap and mid-cap stocks. The BSE Midcap and Smallcap indices rose 0.90 and 1.64 per cent respectively.

The market breadth closed on a positive note with 1,946 shares closing with gains out of the 3,012 shares traded.

"Sentiment was positive on hope of FDI limit hike in retail and favourable decision on GAAR issue. However, rupee's weakness was a major concern," said Shubham Agarwal, associate VP & senior technical equities analyst, Motilal Oswal Securities.

Globally, sentiments were mixed with Japan's Nikkei and China's Shanghai Composite ending lower while the UK's FTSE and Germany's DAX were trading marginally higher in early trade. Investors awaited the outcome of today's ECB meeting, where it is expected to cut borrowing costs, dealers said.

Other key indices in South Korea and Singapore closed with gains.

Back home, major gainers from the Sensex pack were Cipla (2.67 per cent), ICICI Bank (2.04 per cent), Tata Motors (1.61 per cent), ITC (1.58 per cent), Maruti Suzuki (1.55 per cent), Bhel (1.01 per cent), HDFC Bank (0.86 per cent) and Jindal Steel (0.80 per cent).

However, ONGC dropped by 2.02 per cent, followed by Bajaj Auto (1.78 per cent), Coal India (1.37 per cent), Sterlite Industries (1.04 per cent) and Bharti Airtel (0.78 per cent).

Among the sectoral indices, the BSE-FMCG rose by 1.03 per cent, followed closely by the BSE-Bankex (1.01 per cent), the BSE-Capital Goods (0.87 per cent), the BSE-Power (0.86 per cent) and the BSE-Auto (0.61 per cent). However, the BSE-Realty eased by 0.43 per cent and the BSE-Metal that shed 0.39 per cent led losers.

Giving its future outlook for Nifty, brokerage GEPl Capitral said, "The level of 5090 has now emerged as a very strong positional support for Nifty. Till the time it trades above 5090, uptrend would remain intact and it may test the level of 5440. Only a breach of 5090 will negate the uptrend."

The total turnover shot up further to Rs 2,925.55 crore from Rs 2,078.79 crore yesterday.

Foreign Institutional Investors (FIIs) continued their buying spree and injected Rs 239.19 crore yesterday as per provisional data from stock exchanges.

(PTI)


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finance banking markets sensex nifty nse bse fmcg