Sensex closes at 19,058, up 188 pts

Oct 04 2012, 17:57 IST
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The BSE benchmark index hit 19,107.04 – its highest since July 2011.  (Reuters) The BSE benchmark index hit 19,107.04 – its highest since July 2011. (Reuters)
SummaryThe BSE benchmark index hit 19,107.04 – its highest since July 2011.

indices in South Korea and Taiwan shed by between 0.03- 0.17 per cent.

European stocks see-sawed in their early trades and were quoting slightly better in the afternoon trade. Key benchmark indices in UK, France and Germany were up between 0.15-0.28 per cent. Indication of higher opening in US index futures also boosted the market sentiment, said dealers.

Speaking on domestic markets, Kishor P Ostwal, CMD, CNI Research Ltd said: "As expected, Nifty climbed but finding resistance at 5800 level...support for Nifty lies at 5630 and if broken then we can see 5500 in October." Among Sensex, BHEL was the top gainer with a rise of 6.57 per cent, followed by ICICI Bank (2.93 pc), Dr Reddy's Lab (2.16 pc), SBI (2.15 pc), Maruti Suzuki (1.97 pc), HDFC Bank (1.88 pc), ITC (1.78 pc), GAIL India (1.77 pc), HDFC (1.65 pc), Tata Steel (1.61 pc), L&T (1.48 pc), Bharti Airtel (1.47 pc), ONGC (0.98 pc) and RIL (0.77 pc).

However, Cipla declined by 3.86 per cent, followed by M&M (1.24 pc), Bajaj Auto (1.05 pc), Hero MotoCorp (1.02 pc) and Coal India (0.92 pc).

"While the reform initiatives area welcome start, we believe that, more reforms on the core sector – land reforms, mining, fuel supply for power, etc – will make the recent rise in the markets sustainable," said Dipen Shah, Head of PCG (Private Client Group) Research from Kotak Securities.

Among sectoral indices, the BSE-Realty spurted by 4.94 per cent, followed by BSE- D (2.44 pc), Bankex (1.92 pc), BSE-CG (1.89 pc), BSE-Power (1.57 pc), BSE- Oil&Gas (1.05 pc) and BSE-FMCG (0.96 pc) while BSE-HC dropped by 0.92 per cent.

The total turnover was up at Rs 2,958.36 crore from Rs 2,597.43 crore yesterday.

Persistent capital inflows have aided the market sentiment. Foreign Institutional Investors (FIIs) bought shares worth a net Rs 602.39 crore yesterday, as per provisional figures on the stock exchanges.

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