BSE Sensex snaps three-day losing streak on TCS, Mindtree, HCL Technologies boost

Written by PTI | Mumbai | Updated: Apr 17 2014, 22:43pm hrs
SensexSensex closed 1.58 percent higher, while the broader Nifty gained 1.56 percent. (Reuters)
After three days of losses, the BSE benchmark Sensex today surged by over 351 points on value buying by foreign funds amid corporates TCS and HCL Technologies reporting robust fourth quarter earning figures.

The 30-share Sensex soared by 351.61 points, or 1.58 per cent, to end the day's trade at 22,628.84. It had lost 438 points in the previous three sessions.

The 50-share Nifty of National Stock Exchange also spurted by 104.10 points, or 1.56 per cent, to close the day at 6,779.40.

Brokers said investors resorted to value-buying in financial and rate sensitive stocks realty, auto and metal counters which have been losers in the past few days.

They said trading sentiment was bolstered by TCS, HCL Technologies and Mindtree which reporter robust earning figures.

A better trend in the Asian region and higher opening in Europe after US industrial production increased more than forecast in March also supported the uptrend, they added.

Infosys and TCS ended higher by over one per cent. Heavy-weight Reliance Industries rose by 1.88 per cent to Rs 958.75 ahead of hte release of its earnings tomorrow.

In 30-BSE index components, 29 stocks closed with gains, led by State Bank of India.

Axis Bank, ICICI Bank, HDFC Ltd, Bharti Airtel, BHEL, GAIL, Hindalco, ITC, Maruti Suzuki, Mahindra and Mahindra, Tata Motors, Tata Power and Tata Steel were the other prominent gainers.

The realty sector index gained the most by rising 2.79 per cent to 1,492.84. Auto index was up 2.25 per cent at 13,494.62. The metal index rose by 1.85 per cent to 10,266.72 and banking 1.78 per cent to 14,625.65.

Investors were also creating fresh positions in blue-chip available at attractive levels before a long week-end. Markets will remain closed tomorrow for 'Good Friday,' and reopen on Monday for regular trading.

BSE Sensex snaps three-day losing streak as ICICI Bank, Axis Bank surge

(Reuters) BSE Sensex rose more than 1.5 percent on Thursday to snap a three-day losing streak as lenders' shares such as ICICI Bank surged on value buying and hopes of gains on bond portfolios after the central bank's biggest debt auction.

NSE Bank index provisionally surged 1.8 percent, led by gains of 3.4 percent in ICICI Bank shares and 2.6 percent in Axis Bank.

Markets Top Gainers, Markets Top Losers

The benchmark BSE index provisionally closed 1.58 percent higher, while the broader NSE Nifty index gained 1.56 percent, recovering from a 2-1/2 week low in the previous session.

Dipen Shah, Head- Private Client Group Research, Kotak Securities:

The markets ended the week with a strong up-move of more than 1.5% on Friday, post consolidation. This gain erased the losses suffered earlier in the week. Benchmarks ended the week flat. Defensives like IT / FMCG, etc outperformed sectors like Capital Goods and Metals, though marginally. We believe that, the markets continue to be driven by expectations of a favourable outcome of the elections, with valuations now at above the long term average for the benchmarks. Early implementation of important domestic reforms is needed, for markets to sustain and move up from current levels.