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Rediff.com  » Business » Sensex jumps 338 points after four-day losing streak

Sensex jumps 338 points after four-day losing streak

Last updated on: June 24, 2014 17:13 IST

ReutersBenchmark indices gained over 1% each in today’s trade on value buying in beaten down index heavyweights like ITC and HDFC.

The total market turnover registered a new high at Rs 6.86 lakh crore, crossing its previous high figure of Rs 5.33 lakh crore it had touched on October 31, 2013.

The market was enthused by Finance Minister, Arun Jaitley’s statement that India needs to act ‘now’ to fix the health of its economy, which is facing a challenging time.

For the day, the Sensex was up 338 points at 25,369 and the Nifty gained 87 points to close at 7,580.

Outperformance resumed in the broader markets with both the mid and smallcap indices up 1.6% each.

Tracking positive global cues, the markets started on a strong note. The broad based buying pulled the markets to day highs in noon deals. The Sensex hit a high of 25,414 and the Nifty was at its peak at 7,593 in today’s trade.

Sectors & Stocks

Except Heath Care index which was down 0.1%, all the other sectoral indices closed in green with gains of atleast 0.3%.

Realty, Power, Oil & Gas and Consumer Durables indices 2-3% were the top sectoral gainers.

Bankex, Capital Goods, Metal, Auto and FMCG indices advanced 1-1.5%.

Sun Pharma, Infosys, Bharti Airtel down 0.3-0.9% were the only names to close in red among Sensex-30.

Gail India up 4.5% was the top gainer for the day along with HDFC, BHEL, SBI, Axis Bank, RIL and ICICI Bank all up 2-3%.

After recording their highest single-day fall in six and a half years on worries over a higher tax burden, ITC rebounded. The stock was up 2%.

The market breadth was very positive on BSE. 2,042 stocks advanced while 986 stocks declined.

Smart Moves

Ahluwalia Contracts rose over 4% to Rs 104.3 on the BSE after the firm confirmed that its board will meet on 1 July 2014 to consider a proposal to issue additional shares to the promoters of the firm on preferential basis.

Shares in National Buildings Construction Corporation Ltd (NBCC) gained 4.4% to Rs 318.45 after the state-owned company said that it has been granted the 'Navratna' status by the government.

Gammon Infrastructure Projects hit an upper circuit limit of 5% at Rs 14.94,  extending recent gains triggered by the firm's board approving a QIP of equity shares or equity linked instrument of upto Rs 500 crore.

IRB Infrastructure Developers edged higher by 5% to Rs 216.40 after the company said it has entered into a pact with National Highways Authority of India for an Rs 2,300 crore project for widening of a highway stretch in Haryana under National Highways Development Project.

Rupee

The currency was trading at 60.10/11 versus Monday's close of 60.20/21, with more than 1% gains in the domestic share market aiding sentiment but month-end dollar demand for the greenback from importers is expected to limit sharper gains in the Indian unit.

The rupee is seen holding in a 60.00 to 60.30 range during the session and a broad 59.50 to 60.50 range until the budget due on July 10.

Global Markets

Asian shares ticked higher on Tuesday as improved manufacturing data from China, Japan and the United States augured well for global growth, despite a disappointing result from the euro zone.

After a sluggish start the majority of markets across the region struggled ahead through the session, pushing MSCI's broadest index of Asia-Pacific shares outside Japan up 0.4%.

Japan's Nikkei recouped early losses to add 0.05%, while Shanghai firmed 0.2%. South Korea outperformed with a rise of 1%, led by Samsung Electronics Co Ltd and Hyundai Motor Co.

In Europe, all the major markets were marginally trading in green with CAC and DAX up 0.1-0.3% while FTSE was flat with a negative bias.

Jinsy Mathew in Mumbai
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