News Business Sensex closes with 21 points up

Sensex closes with 21 points up

Mumbai, Aug 1: In range-bound trading, the Sensex today extended gains for the fourth straight day by adding over 21 points to close at 1-1/2-week high amid investors awaiting the outcome of a key US

sensex closes with 21 points up sensex closes with 21 points up
Mumbai, Aug 1: In range-bound trading, the Sensex today extended gains for the fourth straight day by adding over 21 points to close at 1-1/2-week high amid investors awaiting the outcome of a key US Federal Reserve meet.





After a lower start, the Sensex traded in a narrow 100-point range and closed 21.20 points, or 0.12 per cent higher at 17,257.38.

The BSE benchmark index had gained nearly 600 points in last three days on hopes of rate cut by RBI.

Pharma, capital goods, realty and power sectors attracted good buying interest today while some of the metal, refinery and IT stocks ended with losses.

Brokers said investors in Indian shares remained cautious in line with Asian markets that ended mixed as participants wait for the results of the US Federal Reserve's two-day monetary policy meeting that concludes today.

In the 30-share Sensex, 16 stocks gained including Cipla that surged 4.40 per cent after its profits beat estimates.

BHEL, Tata Power, SBI and HDFC were among other top gainers.

Among losers, CIL dropped 2.73 per cent on reports of the fuel supply pact with power firms hitting margins.

ONGC, Hero Moto, TCS and Tata Steel lost in 1-2 per cent range.

The NSE index Nifty rose 11.50 points to 5,240.50.

Buying was mainly seen in second-line stocks, an indication of retail activity, with the BSE-Midcap and BSE-Smallcap indices gaining around one per cent each.

A section of the market is betting on speedier execution of economic reforms after P Chidambaram returned today as the Finance Minister, said analysts.

However, reports that India's exports contracted for the second consecutive month in June compelled investors not to open fresh long positions in blue chips, said dealers.

European markets, including the UK, France and Germany, were last trading with an upward bias on hopes the European Central Bank would announce crucial steps later this week.

Meanwhile, rupee strengthened to 55.53 against US dollar compared to yesterday's close of 55.65.

Key benchmark indices in China, Hong Kong and Singapore ended higher while those from Japan, South Korea and Taiwan finished lower.

In Europe, the CAC (France) was up by 0.26 per cent, the FTSE (UK) by 0.54 per cent while DAX (Germany) traded flat.

Back home, major Sensex gainers were Cipla (4.40 pc), BHEL (2.13 pc), Tata Power (1.63 pc), SBI (1.37 pc), HDFC (1.28 pc), Dr Reddy (1.09 pc), Sun Pharma (1.05 pc), Bajaj Auto (0.85 pc), L&T (0.83 pc), HUL (0.71 pc), Tata Motors (0.62 pc), ITC (0.41 pc) and RIL (0.35 pc).

However, 14 Sensex losers were led by Coal India that declined by 2.73 per cent, followed by ONGC (1.94 pc), Hero Moto (1.71 pc), TCS (1.05 pc), Tata Steel (1.03 pc), Sterlite (0.94 pc), Bharti Airtel (0.87 pc) and Maruti (0.78 pc).

Among the sectoral indices, the BSE-HC rose by 1.32 per cent, followed by the BSE-CG (1.07 pc), the BSE-Realty (0.88 pc) and the BSE-Power (0.87 pc).

On the other hand, the BSE-Metal softened by 0.69 per cent, BSE-Oil&Gas shed 0.35 per cent and the BSE-IT lost 0.34 per cent.

Reflecting the upmove in second-line stocks, total market breadth at the BSE remained positive as 1,723 stocks closed with gains while 1,105 concluded with losses.

“Nifty closed flat with a higher top and higher bottom formation after the spike yesterday. The index may gradually approach the resistance area of 5300-5350 were it should find exhaustion of trend,” said Rikesh Vinod Parikh, Vice-President - Equities, Motilal Oswal Securities.

The total turnover declined to Rs 1,917.98 crore from Rs 2,037.53 crore yesterday.

Foreign Institutional Investors (FIIs) continued their buying spree and they pumped in Rs 928 crore yesterday as per Sebi data, taking a total to Rs 2,776.40 crore in last three days since July 27.

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