BSE Sensex gains 405 points on strong corporate earnings, closes above 17K
The prime index of the Bombay Stock Exchange (BSE) surged 2.42 percent on Friday on robust corporate earnings to close above the psychological level of 17,000, even as inflationary fears threatened to dampen market sentiments.
The benchmark 30-share sensitivity index, the Sensex, gained 404.90 points to close at 17,125.98, its highest close since Feb 29, with 22 components ending in the green. The index touched a high of 17,150.92 and a low of 16,781.97 during intraday trade.
Though the Sensex gained 3.9 percent over the week, its third successive weekly rise, yet it is still down 15.6 percent in 2008.
The top performer of the day was telecom giant Bharti Airtel whose quarterly results beat market forecasts. Bharti's shares rose 9.61 percent to Rs.925.30.
Rival Reliance Communications rose 8.31 percent to Rs.577.05. Reliance Communications said it has acquired UK-based WiMax operator eWave World Ltd for an undisclosed sum in a bid to expand its presence globally.
Financial stocks ICICI Bank, Housing Development Finance Corporation (HDFC), State Bank of India (SBI) and HDFC Bank rose 4.54 percent, 4.04 percent, 4.01 percent and 3.59 percent to Rs.916.15, Rs.2694, Rs.1750.10 and Rs.1498.10 respectively.
Top listed Reliance Industries (RIL) and engineering and construction major Larsen & Toubro (L&T) gained 1.69 percent and 1.02 percent to Rs.2624.50 and Rs.2971.35 respectively. The two stocks contribute to almost a quarter of the weight of the prime index.
IT majors Wipro and Satyam Computer Services climbed 3.70 percent and 1.21 percent to Rs.466.20 and Rs.444.60 respectively.
Energy majors Reliance Energy and NTPC advanced 4.01 percent and 1.08 percent to Rs.1358.90 and Rs.192.60 respectively.
FMCG majors ITC and Hindustan Unilever (HUL) ended up 1.62 percent and 0.16 percent to Rs.212.75 and Rs.249.75 respectively.
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