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Sensex ends with 45-point gain after surge led by Infosys

Friday, 10 January 2014 - 10:44am IST Updated: Friday, 10 January 2014 - 4:42pm IST | Place: Mumbai | Agency: PTI

After vaulting over 250 points, the Sensex in a volatile session today erased most gains to end with a 45-point rise as momentum after Infosys earnings was almost overshadowed by declines in ICICI Bank, L&T and SBI on slowing export growth and caution ahead of IIP data release.

After a positive opening, the BSE benchmark shot up to a high of 20,971.23 points fuelled by rise in IT stocks after Infosys posted a 21.4 % rise in net profit in December quarter and raised its revenue growth outlook for this fiscal.

However, the 30-share index later fell to a low of 20,625.17 as participants booked profits in banking, capital goods, realty and power shares.

The Sensex finally settled with a gain 45.12 points, or 0.22 %, at 20,758.49. This was the barometer's best daily gain this year. On a weekly basis, it fell by 93 points and logged the second straight drop.

ICICI Bank and L&T led 19 Sensex losers lower. Infosys and ITC were among nine gainers. BHEL and Tata Motors closed unchanged.

December export growth eased to a six-month low of 3.49 %, dampening sentiments ahead of IIP, said traders.

Similarly, the 50-share NSE Nifty closed by 3.10 points, or 0.05 %, at 6,171.45, after climbing to 6,239.10. 

Also, SX40 index of MCX-SX ended 56.51 points up at 12,423.34.

"The BSE Sensex gained strongly midway into the trading session only to end flat. Banks came in for some strong selling. However, Infosys and Wipro maintained their upmove.

Later in the day we have the industrial production data to be announced for November," said Sanjeev Zarbade, Vice President-Private Client Group Research, Kotak Securities.

Brokers said a firming trend in global stock markets as traders awaited key jobs data due out of the US, helped the domestic markets to close in the green.

IT was the flavour of the day with Infosys soaring 2.84 %, Wipro 2.55 % and TCS 1.70 %, helping

the BSE IT index rise 2.16 %. It was followed by BSE TECK index that rose by 1.76 %, BSE FMCG index (1.43 %) and BSE Oil and Gas index (0.59 %). 

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