TCSs Japan moment

TCSs Japan moment

Others would do well to emulate TCS' tie-up strategy.
Preparing for El Nio

Preparing for El Nio

Immediately, more oilseed/pulse imports and income stabilisation fund...

Sensex at fresh two-year high, Reliance Industries Ltd spurts 2.35%

Comments 0
Sensex today rose to fresh two-year high of 20,101.82 points gaining 63 points. (Reuters) Sensex today rose to fresh two-year high of 20,101.82 points gaining 63 points. (Reuters)
SummarySensex today rose to fresh two-year high of 20,101.82 points gaining 63 points.

Riding on a surge in RIL shares, the BSE benchmark Sensex today ended 63 points higher at 20,101.82 points to complete three-days of gains, amid positive trends in European markets.

The BSE 30-share Sensex resumed higher and moved in a positive terrain of over 100 points before settling 62.78 points higher at fresh two-year high of 20,101.82. The last time the index settled at this level was on since January 6, 2011. In the previous two days, it had gained over 221 points. The broad-based S&P CNX Nifty of the NSE also improved by 17.90 points to end at 6,082.30.

Brokers said firm European cues and continued capital inflows aided the sentiment, while mixed Asian cues restricted the rise in Sensex.

"While the undertone remains bullish, indices appear to be consolidating...Corporate results have brought in some cheer, but the movement seems restricted to select counters only," said Amar Ambani, Head of Research, IIFL.

Reliance Industries (RIL) with a spurt of 2.35 per cent was the top gainer from the Sensex pack. It alone contributed over 40 points to the index gain after the company on Friday evening announced 24 per cent jump in the October-December profit. This was the first increase in profit after four quarters of declining returns.

RIL logged a new 52-week high of 954.80 during intra-day.

The sentiment also got a boost after global credit rating agency Moody's Investors Services on Saturday retained India's sovereign rating at Baa3, with a stable outlook.

"The quarterly results of Reliance Industries did beat the street expectation. However, the stock saw profit booking for most part of the day. The stock gained more than 10% in last five days," said Milan Bavishi, Head of Research, Inventure Growth & Securities.

Among the major sectoral indices, capital goods and oil & gas sectors were the top performers, up by about 1.50 per cent each.

Realty sector was the worst hit, down by 1.23 per cent followed by healthcare and banking which, according to Amar Ambani, witnessed some profit booking. Of 30-share Sensex pack, 17 finished with gains, while 13 others ended in the red.

Major Sensex gainers were BHEL (2.25 per cent, L&T (2 per cent), Maruti Suzuki (1.87 per cent), Bharti Airtel (1.82 per cent), Dr Reddy's Lab (1.67 per cent), ITC (1.25 per cent), HUL (1.18 per cent) and Gail India (1.13 per cent).

However, Sun Pharma dropped by 1.86 per cent, Tata Motors 1.55 per cent, TCS 1.45 per cent,

Single Page Format
Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...