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Sensex Ends 148 Pts Up At 1-month High

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The benchmark BSE Sensex on Friday (22 May) closed 148 points up at 27,957.50 after briefly staying above the psychological 28K-level on better-than-estimated corporate earnings and firm Asian cues.

Similarly, the broader 50-issue CNX Nifty rallied to a high of 8,489.55, just ten points shy from 8,500-mark, before settling at 8,458.95.

IT, pharma, capital goods, refinery and tech counters attracted heavy buying while shares of consumer durable, banking, realty and metal sectors witnessed profit-booking.

The 30-share barometer moved in a range of 28,071.16 and 27,828.61 before ending at 27,957.50, a level not seen since April 17, 2015 when it had settled at 28,442.10 , showing a rise of 148.15 points or 0.53 per cent.

HDFC was the top gainer from the 30-share Sensex pack with a rise of 2.51 per cent while TCS came in second with a surge of 2.42 per cent.

Shares of banking giant SBI reacted downwards after initial smart gains on profit-booking despite the lender reporting better-than-expected fourth quarter earnings.

SBI on Friday reported 23 per cent jump in standalone net profit for the fourth quarter ended March 2015 at Rs 3,742.02 crore on improvement in asset quality.

Meanwhile, on a weekly basis, the Sensex shot up by 633.80 points, or 2.32 per cent, completing three weeks of gaining streak.

On the overseas front, Asian stocks finished strong following record closing of S&P 500 on Wall Street on Thursday with prospects for a Federal Reserve rate hike in June all but quashed.

Key indices from China, Hong Kong, Japan, Singapore, South Korea and Taiwan finished higher in the range of 0.30-2.83 per cent.

"Local indices traded higher on investor confidence and closed on a positive note. Indices added almost half per cent during the day as the bluechips traded higher on value buying," said Jignesh Chaudhary, Head of Research, Veracity Broking.

Overall, 17 out of 30 Sensex-based components closed with gains while 12 others finished with losses. ICICI Bank held stable.

Major gainers were Sun Pharma (2.29 per cent), ONGC (1.53 per cent), Larsen (1.04 per cent), BHEL (0.71 per cent), Tata Motors (0.66 per cent) and RIL (0.64 per cent).

However, SBIN dropped 2.38 per cent, followed by Hindalco (1.30 per cent), VEDL (0.67 per cent), Wipro (0.66 per cent) and Tata Power (0.59 per cent).

Sector-wise, BSE IT index gained the most by rising 0.91 per cent, followed by Healthcare (0.86 per cent), Capital Goods (0.78 per cent), Oil & Gas (0.60 per cent), Teck (0.60 per cent), FMCG (0.37 per cent), Auto (0.27 per cent) and Power (0.17 per cent).

Total market breadth remained negative as 1,518 stocks closed lower, 1,197 finished higher and 119 ruled steady.

The total turnover fell to Rs 3,023.93 crore from Rs 3,724.66 crore on Thursday (21 May).


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