Sensex closes 85 points up, Bharti drags
A benchmark index for Indian equities markets managed to close 85 points higher Wednesday, even though telecom heavy weight Bharti Airtel, which reported disappointing quarterly results, acted as a drag.
Bharti Airtel reported a 22.4 percent decline in consolidated net profit at Rs.1,011.3 crore for the quarter ended Dec 31 owing to high interest costs and higher tax provisions. The stock closed 6.58 percent lower at Rs.354.
The 30-scrip sensitive index (Sensex) of the BSE, which opened at 17,631.69 points, closed at 17,707.32 points, 84.87 points or 0.48 percent up from its previous close at 17,622.45 points.
The Sensex touched a high of 17,809.21 points and slipped into the red at 17,579.59 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange also ended higher at 5,368.15 points, up 33 points or 0.62 percent from its previous close.
Broader markets were in the green too, with the BSE 500 index closing 0.76 percent up from its previous close. The BSE midcap index was up 1.45 percent while the BSE smallcap index gained 0.89 percent.
Consumer durables, realty and IT stocks rose, while healthcare and banking scrips saw some selling.
Overseas funds were robust buyers even Wednesday. According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors bought stocks worth $141.53 million.
FIIs have pumped in over $3.4 billion in 2012, having bought equities worth $2.03 billion in January and $1.55 billion in just six trading days of February.
Prominent gainers on the 30-scrip Sensex included GAIL, up 3.18 percent at Rs.390.85; Coal India, up 2.29 percent at Rs.332.80; TCS, up 1.61 percent at Rs.1,218.75 and RIL, up 1.57 percent at Rs.858.05.
Major losers included ICICI Bank, down 1.81 percent at Rs.919.95; ONGC, down 1.29 percent at Rs.282.95 and Cipla, down 0.62 percent at Rs.351.45.
Asian markets rose Wednesday as hopes of an agreement between Greece and its private lenders to cut part of its Euro 350 billion debt also enthused investors.
The Japanese Nikkei rose 1.1 percent to end at 9,015.59 points, while Hong Kong's Hang Seng gained 1.54 percent to close at 21,018.46 points.
The Chinese Shanghai Composite index was ruling 2.43 percent higher at 2,347.53 points.
European markets were ruling moderately higher in anticipation of a successful outcome to the Greece debt talks.
Britain's FTSE 100 was ruling 0.2 percent up at 5,902.26 points. The German DAX was trading 0.65 percent higher at 6,798.33 points.The French CAC 40 was trading 0.44 percent up at 3,426.51 points.
