Sensex closes higher; TCS shares spark rally, offset Malaysia Airlines crash risks

Jul 18 2014, 16:58 IST
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Sensex rises 80 pts to close at 25,641.56; gains 617 pts for the week. (PTI) Sensex rises 80 pts to close at 25,641.56; gains 617 pts for the week. (PTI)
SummaryBSE Sensex edged higher on Friday, gaining for a fourth consecutive session...

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Muthoot Finance Ltd surged 3.6 percent, while Manappuram Finance Ltd ended up 3.1 percent.

Bucking the trend, power equipment makers and energy stocks fell. Bharat Heavy Electricals Ltd ended 1.9 percent lower, while Tata Power Co Ltd ended down 2.5 percent and NTPC Ltd closed 0.5 percent lower.

Dipen Shah, Head- Private Client Group Research, Kotak Securities: The week saw benchmark indices rise by about 3% as concerns on crude price eased. Monsoon also progressed during the week, easing worries on inflation. Quarterly results, especially from IT majors, were above estimates and improved sentiments. With the major event of budget out of the way, the markets will likely continue to focus on issues like monsoons, global economy and quarterly results in the short term. Off-budget action on budget initiatives will sustain the confidence of the markets over the medium term. Markets will also look forward to the rate action from RBI in its next policy. We expect RBI to keep rates unchanged, until inflationary pressures ease significantly.

HIGHLIGHTS

* BSE index gains 0.31 pct; adds 2.5 pct for week

* NSE index ends 0.31 pct higher; gains 2.7 pct for week

* TCS ends 2.5 pct; Wipro gains 1.8 pct

FACTORS TO WATCH

* Yen hands back some gains as Ukraine effect cools

* Oil pushes above $108 on downed airliner,

* Ukraine unrest, Gaza keep pressure on shares, bonds steady

* Foreign institutional investor flows

Sensex at 10-day high, IT pack leads rally on TCS earnings

(PTI) The benchmark Sensex today surged over 80 points to close at 25,641.56, its highest in 10 days, on sustained buying by foreign funds in IT shares after encouraging earnings from TCS.

After opening in the negative zone and slipping further to 25,441.24 on profit-booking and a weak global cues on rising geopolitical tensions, the 30-share Sensex bounced back to close 80.40 points, or 0.31 per cent, higher at 25,641.56 after touching the day's high of 25,713.40.

The gauge has now gained over 634 points in four days. Today's closing is the highest since 26,100.08 (July 7). For the week, it has gained 617.21 points.

"The week saw benchmark indices rise by about 3 per cent as concerns on

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