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The Bombay Stock Exchange
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Mumbai, Feb 1 (PTI)
After a shaky start, the Bombay Stock Exchange (BSE) Sensex moved up 107 points to 11-week high of 17,300.58 as FIIs bought select bluechips such as RIL, and picked up equities in the metals, capital goods and auto sectors amid positive cues from overseas markets, mainly Europe.
However, other heavyweights such as ICICI Bank, HDFC, ITC, CIL, Bharti Airtel and Infosys fell, restricting gains.
The BSE 30-share barometer opened lower, following weak cues from the Asian markets and fell to a low of 17,061.55, down 130 points intra-day.
However, it recovered on firm openings in the European markets and closed the day at 17,300.58 - the level last seen on November 9 - up 107.03 points or 0.62%. Yesterday, it shot up 330.25 points or 1.96%.
The NSE 50-issue index Nifty also gained 36.45 points or 0.70% to close at 5,235.70.
"After a dull start, markets resumed upward march. The rally was driven by largely by metals. The positive global cues and bounce in base metals prices gave push up to Hindalco, Tata Steel, Sterlite and Sail. Reliance Industries showed strength towards the end of the day," said Milan Bavishi, research head at Inventure Growth and Securities.
Metal stocks attracted strong buying on account of gains in metal prices on the London Metal Exchange (LMEX). The metals index was up 2.97% on the BSE.
Capital goods and auto stocks attracted good buying at lower levels, especially as auto firms posted rise in sales.
FIIs, after selling stocks worth Rs79.60 crore on January 30, bought shares worth Rs645 crore yesterday as per SEBI data.
Overseas investors have poured in over Rs26,000 crore ($5.08 billion) in Indian equities in January, the highest one-month net inflow in 16 months, as sentiments got a boost from easing inflation concerns and attractive valuations.
The BSE-Small-cap and the BSE-Midcap indices closed higher by 1.71% and 1.12% respectively, in indicating increased retail participation.
Globally, Asian stocks ended narrowly mixed. Key indices in Japan, South Korea and Taiwan gained, while China, Hong Kong and Singapore settled with losses.
European stocks were up in the afternoon on manufacturing growth data from Germany. Markets in Germany, France and the UK were trading higher by up to 1.79%.
Back home, 19 of the 30 Sensex stocks ended with gains. Jindal Steel hot up 6.43 per cent, Tata Power (6.02 pc), Hindalco (4.23 pc), Tata Steel (4.11%), Hero MotoCo (3.45 pc), Sterlite (3.16%), L&T (2.64%), M&M (2.33%), Maruti Suzuki (2.21%), Tata Motors (2.03%), RIL (1.82%), BHEL (1.74%), HUL (1.52%) and HDFC Bank (1.18%).
However, Coal India declined by 2.61%, ICICI Bank -1.53%, ONGC - 1.32%t, HDFC - 1.28%, Bharti - 1.04% and ITC - 0.89%.
Among sectoral indices, BSE-Capital Goods was up 2.34%, Auto - 2.02%, Power - 1.62% and Realty - 1%.
Market breadth at the BSE was favourable with 1,868 stocks gaining ground, as against 980 ending with losses. The total turnover shot up to Rs4,845.51 crore, due to a number of block deals in the HDFC counters, from Rs2,806.50 yesterday.
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