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Rediff.com  » Business » Sensex stages pulls back; ends 164 points higher

Sensex stages pulls back; ends 164 points higher

Last updated on: February 21, 2014 16:33 IST

Sensex stages pulls back; ends 164 points higher

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SI Reporter in Mumbai

The sentiment got a boost from a survey which indicated a brisk recovery in the US manufacturing activity sparking off a rally in Asian market.

The markets recouped most of Thursday’s losses to end higher on Friday helped by a rebound in bank shares while encouraging data from the US boosted sentiment for IT shares.

The 30-share BSE Sensex added 0.8% or 164 points at 20,701 and the 50-stock NSE Nifty index was up 1.05% or 64 points at 6,155 levels.

The rupee is trading higher at 62.14-a-dollar versus its close of 62.26/27 on Thursday. The pair is expected to hold in a 62 to 62.50 range during the day, dealers say.

All the sectoral indices, except Realty index (down 0.1%), ended with gains. BSE Capital goods index, up 1.2%, was the top gainer followed by FMCG, Bankex, IT which ended over 1% higher.

Broader markets too remained upbeat with BSE mid-cap and small-cap indices adding between 0.5-0.6%.

Shares of HCL Technologies closed 4% higher at Rs 1,538.20, after hitting a record high in late noon deals on NSE after the holding company denied a Wall Street Journal report that said its founder Shiv Nadar was seeking potential buyers for his $10 billion stake in the technology company.

Cement shares which have remained lacklustre over the past few weeks have surged in late trades today amid short covering and value buying at lower levels. Further, the Cabinet note late Thursday to convert state roads into national highways seems to have boost sentiment. UltraTechCement, Ambuja Cements and ACC ended 5-6% higher on Friday.

On the global front, Japan's Nikkei share average led the gains in Asia with a 2.8 percent surge. European shares were upbeat too with both Britain's FTSE and France's CAC adding between 0.1-0.3%.

On Wall Street, the S&P 500 rose 0.6 percent, cheered by Markit's preliminary U.S. Manufacturing Purchasing Managers Index accelerating to its best level in four years.

The market breadth was very positive on the BSE. 1375 stocks advanced while 987 stocks declined.


Photographs: Reuters

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