BSE Sensex gains 82 points in volatile market
The key index of the Bombay Stock Exchange (BSE) continued its upward momentum on Thursday, gaining 0.5 percent, thanks to surge in IT stocks, even as market sentiments remained down on concerns over quarterly corporate earnings that is scheduled to kick off mid-April.
Sensex, the benchmark 30-share index, rose 0.52 percent or 82.15 points, to close at 15,832.55, with 18 components gaining. It touched the day's high of 16,002.73 and a low of 15,699.21.
IT major Satyam Computer Services posted the highest rise, soaring 5.11 percent to Rs.428.05, followed closely by rival Wipro (up 5.04 percent to Rs.435.30), market leader Tata Consultancy Services (up 4.13 percent to Rs.885.95) and IT bellwether Infosys Technologies (up 2.68 percent to Rs.1521.65).
Sensex heavyweights Reliance Industries and ICICI Bank gained 2.14 percent and 0.47 percent to Rs.2393.75 and Rs.787.90 respectively. The two stocks contribute to almost a quarter of the weight of the main index. Reliance shares rose on news that the company had submitted proposals worth $7.55 billion to the government to build semiconductor and micro-processing units, market traders said.
Top real estate developer in terms of market capitalization, DLF, and India's No.3 bank, HDFC Bank climbed 0.31 percent each to Rs.623.75 and Rs.1326.45 respectively.
Other Sensex gainers were Hindalco (up 2.52 percent to Rs.170.95), Tata Steel (up 2.11 percent to Rs.659.60), Ambuja Cements (up 1.08 percent to Rs.122), ACC (up 0.85 percent to Rs.841), ONGC (up 0.84 percent to Rs.1019.55), Jaiprakash Associates (up 0.47 percent to Rs.233.40), Ranbaxy Laboratories (up 0.34 percent to Rs.446.85), Cipla (up 0.25 percent to Rs.219.80) and NTPC (up 0.10 percent to 194.25).
Top Sensex losers were BHEL, Mahindra & Mahindra, and Reliance Energy whose stocks plunged 5.27 percent, 3.38 percent and 3.32 percent to Rs.1754.95, Rs.643.75 and Rs.1189.45 respectively. BHEL reported lower-than-expected annual profit as higher wages and raw material costs ate into margins.
Maruti Suzuki and Grasim Industries lost over 2 percent each to close at Rs.788.30 and Rs.2560.95 respectively.
Tata Motors, Housing Development Finance Corporation (HDFC) and Reliance Communications tumbled 1.43 percent, 1.11 percent and 1.09 percent to Rs.628.70, Rs.2442.90 and Rs.513.40 respectively.
State Bank of India (down 0.81 percent to Rs.1639.10), Larsen & Toubro (down 0.54 percent to Rs.2850.05), Bharti Airtel (down 0.36 percent to Rs.821.05) and ITC (down 0.05 percent to Rs.208) also ended in the red.
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