The Sensex on Wednesday closed above 14,000 mark after a gap of 8 sessions at 14,127.31 points on late buying support and was up by a whopping 198 points.
MUMBAI: The Sensex on Wednesday closed above 14,000 mark after a gap of 8 sessions at 14,127.31 points on late buying support and was up by a whopping 198 points, led by a sharp rally in banking shares and also firm Asian cues.
The Lok Sabha on Tuesday had passed State Bank of India (Subsidiary Bank Laws) Amendment Bill, 2006, allowing SBI to reduce its stake in seven subsidiary banks to 51 per cent, which will enable it to raise additional capital to meet new international risk provisioning norms and growth plans.
As a result, there was hectic buying in SBI stocks which later percolated to other banking counters. SBI shot up by Rs 57.80 or 4.71 per cent to close at Rs 1,284.45.
The 30-share index, opened better at 13,949.81 points as against Tuesday's close of 13,929.33 and improved further to close past 14,000 mark at 14,127.31, a sharp rise of 197.98 points or 1.42 per cent.
The broad-based S&P CNX Nifty of the National Stock Exchange (NSE) also spurted by 50.65 points or 1.23 per cent to 4,170.95 from the previous close of 4,120.30.
Besides banking shares, capital goods, refinery and telecom counters, including heavyweights like RIL, ONGC, BHEL, Bharti Airtel and Rel Com also attracted good buying support.
However, some of the IT stocks remained in the doldrums and ended with losses on rising rupee which directly impacts revenue and profits of these firms.
The IT segment was also hit by reports that two US lawmakers had claimed that Indian IT firms were misusing the H-1B visa programme.
Mirroring the rally in banking stocks, the sectoral Bankex spurted by 222.32 points or 3.09 per cent to 7,413.32 points.
The total market breadth was sharply positive with as many as 1,626 stocks closing with gains while only 987 ended with losses.
The trading volume was sharply higher at Rs 5,178.52 crore from Rs 4,158.66 crore on Tuesday. Unitech clocked the highest turnover of Rs 225.08 crore followed by HDFC Bank (Rs 167.48 crore), SBI (Rs 153.43 crore), RIL (Rs 125.90 crore) and Orbit Co (Rs 104.12 crore).
The broad-based BSE-100 index rose by 95.44 points to 7,225.08 from previous close of 7,129.64.
The BSE-200 index and the Dollex-200 were quoted higher at 1,711.17 and 697.32 at close compared to 1,689.57 and 688.18 from last close. The BSE-500 index also firmed up by 72.25 points to 5,466.33 from 5,394.08 and the Dollex-30 ended remarkably up at 2,838.94 from 2,797.79 previously.
ICICI Bank moved up by 32.00 to 919.10, HDFC Bank by 23.75 to 1033.90, RIL by 36.55 to 1634.40, ONGC by 9.40 to 899.85, BHEL by 76.10 to 2595.00, L&T by 38.35 to 1711.50, HDFC by 26.75 to 1697.60, Bajaj Auto by 44.75 to 2680.05, Tata Motors by 20.30 to 734.90, Grasim by 24.65 to 2504.55, Bharti Airtel by 14.50 to 847.15, Reliance Com by 15.45 to 490.75, Dr Reddy by 5.90 to 663.35, Hindalco by 3.65 to 148.85, HLL by 4.20 to 197.30, ITC by 1.15 to 163.10 and Wipro by 5.60 to 539.70.
However, Infosys Tech declined by 20.90 to 1951.65, TCS by 12.20 to 1224.40, ACC by 2.60 to 872.50, Cipla by 1.60 to 209.80, Hero Honda by 19.50 to 678.30, Maruti by 3.80 to 802.45, Tata Steel by 3.15 to 588.45, REL by 2.60 to 505.95 and Ranbaxy by 1.15 to 394.00.
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