Sensex pares early gains,closes 33 points higher ahead of ECB meet

Sensex pares early gains,closes 33 points higher ahead of ECB meet

Sensex pares early gains,closes 33 points higher ahead of ECB meet

After rising over 100 points, the Sensex today trimmed early gains ending 33 points higher amid investors adopting a cautious approach ahead of the much-awaited ECB policy meeting later in the day.

The BSE benchmark index, which had lost 128 points in the previous session, commenced lower today but rose to day's high of 17,418.40 on hopes of a bond buying announcement when European Central Bank's governing council meets in Frankfurt.

However, domestic investors became cautious as the session progressed amid selling in ITC, which slumped 2.7 per cent. HDFC Bank and Bharti Airtel that fell 1-2 per cent also dragged the 30-share Sensex down.

Traders said good buying support in Infosys, ICICI Bank, Wipro, TCS and Tata Motors provided support to the index as it closed 32.93 points higher at 17,346.27.

"Markets showed some strength but also showed profit booking during last hour. Bullish investors have not been able to take control," said Puneet Kinra, Senior Technical Analyst, Bonanza Portfolio.

On similar lines, the National Stock Exchange index Nifty rose by 12.70 points to 5,238.40, after dipping to 5,217.65.

Market experts said global sentiment was largely positive on firming Asian and European trends as investors waited for European Central Bank to give details of its plan to stem the region's debt crisis.

Meanwhile, uproar over coal block issue paralysed proceedings of Parliament for 12th consecutive day today, drowning most of the Monsoon Session which ends tomorrow.

Among BSE sectoral indices, the IT sector index gained the most by rising 2.55 per cent, followed by Teck index by 1.85 per cent. The auto sector index gained 0.73 per cent and the Healthcare index rose by 0.59 per cent.

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