BSE Sensex closes at over 1-week high; Hindalco shares lead

Jul 17 2014, 16:53 IST
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Kotak Mahindra Bank provisionally rose 3.8 percent while State Bank of India ended up 1 percent. (Reuters) Kotak Mahindra Bank provisionally rose 3.8 percent while State Bank of India ended up 1 percent. (Reuters)
SummaryBSE Sensex extends gains to third straight session as metal and power sectors shares rise.

Rising for the third session, the benchmark BSE Sensex today edged higher to end at over one-week closing peak of 25,561.16 supported by gains in shares from metal and power sectors.

After rising nearly 64 points, the BSE barometer pared gains amid profit-booking in realty, oil&gas and auto stocks.

Hectic buying, however, was seen in mid-cap and small-cap shares with their BSE indices gaining over 1.3 per cent each, outpacing blue-chip Sensex's mere 0.04 per cent rise.

Investors adopted a cautious stance after two days of hefty gains and preferred to book some profits, brokers said.

The Sensex resumed higher at 25,540.92 ahead of TCS and Bajaj Auto quarterly earnings. It advanced to 25,613.03 but was later trapped in a narrow range, before closing 11.44 points, or 0.04 per, cent higher at 25,561.16. This is its strongest level since 25,582.11 on July 8.

In the previous two sessions, the Sensex gained nearly 543 points as positive economic data and the RBI's easing of financing norms for infrastructure development boosted buying.

The Bajaj Auto scrip slipped over 2 per cent after the firm reported marginal year-on-year increase in June quarter net profit. TCS shares also ended 0.8 per cent weak ahead of earnings later in the afternoon.

Among 17 gainers in 30-share Sensex pack, Hindalco surged 3.91 per cent, followed by Tata Power (3.53 per cent), Tata Steel (2.99 per cent) and Coal India (2.86 per cent).

In the 13 Sensex laggards, shares M&M saw the biggest drop of 3.18 per cent, followed by Bajaj Auto, GAIL nd TCS.

Meanwhile, the NSE 50-issue Nifty ended with a marginal gain of 16.05 points, or 0.21 per cent, at 7,640.45, its second straight highest close since July 7. Intra-day, it moved in the range of 7,655.65 and 7,612.70.

Foreign Portfolio Investors (FPIs) had bought shares worth a net Rs 621.68 crore yesterday.

Highlights

* NSE ends 0.21 pct higher; BSE index gains 0.04 pct

* Crompton Greaves jumps on demerger proposal

* Mahindra and Mahindra slumps after block deals

* Strides Arcolab gains; Mankekar raises stake to 4.7 pct

Indian shares gain for third day; TCS earnings awaited

(Reuters) - Indian shares rose for a third straight session on Thursday as lenders such as Kotak Mahindra Bank extended gains on upbeat sentiment as the central

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