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Rediff.com  » Business » Sensex ends above 17,000

Sensex ends above 17,000

Last updated on: June 21, 2012 16:29 IST

BSE

Markets ended higher on Thursday, amid a volatile trading session, led by banks and capital goods shares.

The 30-share Sensex ended at 17,033 up 136 points or 0.80% and the 50-share Nifty ended at 5,165 up by 44 points or 0.87%.

The Sensex and the Nifty reached an intra-day high of 17,042 levels and 5,170 mark, respectively.

The Sensex and the Nifty reached an intra-day low of 16,800 levels and 5,093 mark, respectively.

Meanwhile, falling for the fourth-day today, the rupee tumbled to new low of 56.57 against the dollar on increased capital outflows from equity markets and rising demand from importers amid the US Fed indicating weak growth prospects for the American economy.

On the global front, most Asian markets ended on a lower note. Strait Times, Hang Seng, Taiwan, Kospi and Shanghai have slipped between 0.5-2%.

European markets have opened lower with CAC, DAX and FTSE slipping between 0.4-1%.

Back home, BSE Capital Goods and Bankex indices surged over 2% followed by counters like FMCG, Auto, Metal and Healthcare, all gaining by nearly 1% each.

Shares of capital goods companies were in focus on reports that the government will impose a 5% import duty on power generation equipment.

"The Prime Minister's Office (PMO) on Wednesday directed the power ministry to float a fresh proposal on slapping higher duty on imported power gear, a move aimed at cushioning domestic firms including Bharat Heavy Electricals Ltd (BHEL) and Larsen and Toubro Ltd (L&T) against cheap imports, mainly from China," the report suggests.

Bank shares firmed up on value buying at lower levels after the recent correction following RBI's cautious stance on key policy rates and cash reserve ration. HDFC Bank, SBI and ICICI Bank all ended up 1-2.9% up.

Index heavyweight Reliance Industries ended down 2.6% at Rs 719 after dropping to Rs 711 in intra-day following a report by the Canadian oil and gas producer Niko Resources, which owns 10% stake in KG D6 block, said total proved plus probable natural gas reserves have fallen almost 51% to 377 billion cubic feet equivalent (bcfe) as it struggles with low reserves at its KG D6 block in India.

Among other shares, Geometric has soared 6.4% to end at Rs 74 on the back of huge volumes after IT consulting and services firm said that it formed partnership with DIPRO to tap the Japanese market.

Mastek has gained 5% to end at Rs 105 after the company said its US-based subsidiary MajescoMastek have signed a multi-year license, implementation and maintenance engagement for its STG Billing solution with a Fortune-100 insurance and financial services company The initial value of the contract is $30 million (Rs 170 crore).

Allcargo Logistics has dipped 5.2% to end at Rs 130, after the board of logistics firm approved a share buyback proposal at a price not exceeding Rs 142.50 per share through open market mechanism. The stock had gained nearly 15% ahead of the board meet.

The BSE Mid-cap and Small-cap indices ended up nearly 1% each. The market breadth on the BSE with 1,658 advances and 1,079 declines.

Surabhi Roy in Mumbai
Source: