NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News  » Business » Markets continue winning streak led by financials

Markets continue winning streak led by financials

Last updated on: March 08, 2013 16:18 IST

BSEBenchmark indices have closed higher by over 1% amid value buying at lower level and short covering by traders, led by financials and index heavyweights.

The 30-share Sensex ended at 19,683 up 270 points or 1.39% and the 50-share Nifty ended at 5,946 up by 82 points or 1.41%.

The Sensex and the Nifty reached an intra-day high of 19,706 levels and 5,953 mark, respectively.

World shares hit their highest level since June 2008 and the dollar touched a fresh 3-1/2-year high against the yen on Friday, ahead of US jobs data expected to point to a continuing pick up in the world's biggest economy.

China also gave markets a boost as official data showed February exports grew 21.8 percent versus a year ago, more than double the expected rise.

European shares, which have rebounded strongly this week after last week's Italian election and US spending cuts-related wobble, opened up 0.5 per cent.

That put them on track for their biggest gains since the opening week of the year.

Back home, BSE Oil & Gas, FMCG, Metal, Banks and Capital Goods indices spurted by almost 2% followed by counters like PSU, Power, Consumer Durable and Healthcare, all gaining by 1% each. However, BSE IT index declined by nearly 1%.

The Oil & Gas Index on the BSE was the top gainer on Friday led by gains in public sector oil marketing companies on the back of declining crude oil prices in the international markets.

Index heavyweight Reliance Inds surged by nearly 2% on shortcovering. ONGC also gained by nearly 2%.

Bank shares were up on hopes of a rate cut by RBI in the Credit Policy meet on March 18. HDFC Bank, ICICI Bank and SBI surged by 2% each.

Housing Development Finance Corporation (HDFC) surged over 4% was in focus on the bourses on hopes of higher growth.

“According to the National Housing Bank - the regulator for home financiers -- the housing finance industry is expected to grow by 18% in the current financial year,”

the Business Standard report suggests.

ITC extended yesterday’s upmove on buying at lower levels after the stock witnessed correction post the Budget which proposed 18% excise duty hike on cigarettes.

The stock is up by 2%.

Hero Moto extended yesterday’s rally, up by nearly 2%. Kotak Institutional Equities upgraded Hero MotoCorp Ltd yesterday to "add" from "sell", and maintained its "reduce" rating on Bajaj Auto.

Mahindra and Mahindra (M&M) was higher by over 1% after the utility vehicle maker said that workmen at Nasik plant have called off their strike.

JSPL was the top Sensex gainer, up by nearly 6%.

On the losing side, Maruti Suzuki (India) was lower by 2% in otherwise firm market on reports that the car major may suspend production of petrol cars at Gurgaon plant.

IT shares ended lower after witnessing a sharp rally yesterday. Infosys, Wipro and TCS declined between 0.4-1%.

The broader markets under performed the benchmark indices. The BSE Midcap and Smallcap indices gained by nearly 1%.

The market breadth in BSE ended healthy 1,733 shares advancing and 1,135 shares declining.


Rashtriya Chemicals and Fertilizers (RCF) ended higher by 4% after the government fixed floor price for the proposed offer for sale (OFS) at Rs 45 per share.

Multi Commodity Exchange (MCX) dipped nearly 5%, extending its previous day’s around 4% fall, on back of heavy volumes.

Adani Power ended higher by nearly 5% at Rs 51 after the promoter of the company increased its stake in the company through open market transaction.

Orchid Chemicals and Pharmaceuticals surged 15% to Rs 80, extending its previous day’s rally on back of heavy volumes on the Bombay Stock Exchange (BSE).

Shares in Jet Airways extended gained almost 10% on Friday, after a news channel reported that Abu Dhabi's Etihad Airways may buy a 10-12% stake in the company directly from promoters.

SI Reporter in Mumbai