Home ECONOMY Sensex closes 380 points up, bank stocks roll

Sensex closes 380 points up, bank stocks roll

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Mumbai, Jan 2:

With global markets in a consolidation mode and further volatility in oil prices, a benchmark index of the Indian equities markets closed Friday’s trade up 380.36 points.
Sensex Up
Bullish sentiments were observed on expectations of more reforms emerging out of a high-level bankers’ meet being held in Pune.

All the sector-based indices ended the day’s trade in green. The rally was led by banking, capital goods, auto, IT and metal sectors.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE) opened at 27,521.28 points and closed trade at 27,887.90 points, up 380.36 points or 1.38 percent from the previous day’s close at 27,507.54 points.

The Sensex touched a high of 27,937.47 points and a low of 27,519.26 points in the intra-day trade.

“Market is carried today in hope for action from government and public sector undertaking bank (PSUB) meet, which happens today and tomorrow,” said Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Services.

“It is expected that measures like reforms and consolidation between PSUB would be considered. The true measures will be understood over the end of the week.”

The S&P bankex surged by 356.91 points, capital goods index moved up by 259.36 points, auto index went up by 133.62 points, IT index increased by 127.49 points, and metal index rose 97.94 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed the day’s trade with healthy gains. It was up 111.45 points or 1.35 percent up at 8,395.45 points.

The major Sensex gainers were: HDFC, up 4.30 percent at Rs.1,171.80; ICICI Bank, up 2.81 percent at Rs.362.60; Tata Motors, up 2.70 percent at Rs.511.70; BHEL, up 2.65 percent at Rs.275.40; and Axis Bank, up 2.44 percent at Rs.514.20.

The losers were: Mahindra and Mahindra, down 0.92 percent at Rs.1,224.80; Hero Motocorp, down 0.31 percent at Rs.3,097.75; Reliance Industries, down 0.28 percent at Rs.885.60; Hindustan Unilever, down 0.27 percent at Rs.756.20; and Bajaj Auto, down 0.02 percent at Rs.2,453.50. (IANS)