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Sensex gains 29 points in choppy trade ahead of IIP data

Wednesday, 12 March 2014 - 10:06am IST | Place: Mumbai | Agency: PTI
The BSE benchmark index Sensex today recovered by 29 points in a volatile trade on selective buying in pharma, FMCG and banking stocks even as global markets remained weak on concerns over China's growth. The 30-share index, which had lost 108.41 points in the previous session, rose by 29.80 points, or 0.14%, to close at 21,856.22 points.

The BSE benchmark index Sensex today recovered by 29 points in a volatile trade on selective buying in pharma, FMCG and banking stocks even as global markets remained weak on concerns over China's growth. The 30-share index, which had lost 108.41 points in the previous session, rose by 29.80 points, or 0.14%, to close at 21,856.22 points.

It touched a day's low of 21,768.14 and a high of 21,965.95 points in a volatile trade. The broad-based National Stock Exchange index Nifty edged up by five points, or 0.08%, to 6,516.90.

"Nifty opened on a negative note and witnessed a volatile session today. Stock specific buying continued and profit booking was seen in most counters," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio. "Markets were seen ending on flat note as investors preferred to sit on sidelines ahead of IIP data and CPI inflation figure, which is due post market today," Jayant Manglik, President-retail distribution, Religare Securities Limited, said.

The under-current of the market remained strong on improving economic growth and discounted a weak global trend on slowing economic growth in China, brokers said. Sun Pharma, which received US FDA approval for generic Temodar drug, was the biggest gainer among 30 Sensex scrips. It rose by 4.08%. FMCG major ITC rose by 2.08 per cent, Hero MotoCorp by 2.16 per cent, TCS by 1.33% and Wipro by 1.15 %. Stocks of pharma and software industries were back in demand and recovered as rupee declined, brokers said.

Power equipment maker Bhel was the biggest loser with losses of 2.70 %. Tata Motors fell by 2.35 per cent while banking major SBI by 1.81%. In 30-BSE index components, 13 stocks gained while 17 ended with losses.

The healthcare sector index gained the most by rising 1.23 % to 10,219.97 followed by FMCG index by 1.22 % to 6,648.26.


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