Sensex hits another high of 21,373.66 on strong corp results

The BSE benchmark index Sensex today closed at fresh record high of 21,373.66 points by gaining 35.99 points on funds buying driven by strong corporate earnings by Larsen & Toubro and housing finance major HDFC.

The barometer rose further by 35.99 points, or 0.17 per cent, to settle at new all-time high of 21,373.66, just a day after it scaled the peak of 21,337.67 points. In the previous three sessions the 30-share index has gained 274 points.

The gauge still remained a little away from an intra-day high of 21,483.74 touched on December 9 when the results of Assembly elections were announced. It touched an intra-day high of 21,409.66 today.

The broad-based National Stock Exchange index Nifty rose by 6.70 points, or 0.11 per cent to 6,345.65, after touching a high of 6,355.60.

Brokers said trading sentiment remained bullish on steady inflow of corporate earnings by bluechips, latest by Larsen and Toubro.

Attractive third quarter earnings were announced by HDFC, Amara Raja Batteries and Torrent Pharma this week.

Larsen and Toubro surged 2.81 per cent to Rs 1,033 after the company posted better than expected profits for the third quarter ending December 31.

They said the buying activity was so strong that poor performance in global markets failed to influence the sentiment.

However, fall in Reliance Industries and Mahindra & Mahindra (2.82 per cent) restricted the gains, they added.

In 30-BSE index components, 14 stocks gained while 16 ended lower.

The consumer durable index gained the most by rising 2.33 per cent to 5,726.80 followed by capital goods index by 1.84 per cent to 9,889.53.

The FMCG index rose by 0.14 per cent to 6,606.82 and healthcare index by 0.12 per cent to 10,329.94.

Big Sensex gainers included Axis Bank at 2.48 per cent, Gail India 2.43 per cent, Sun Pharma 1.90 per cent, HDFC 1.64 per cent, Bharti Airtel 1.58 per cent and BHEL 0.92 per cent.

M&M was the biggest loser of the day at 2.82 per cent, followed by ONGC 1.33 per cent, NTPC 1.09 per cent, Coal India 0.99 per cent, TCS 0.89 per cent and Tata Steel 0.84 per cent.

Among the sectoral indices, consumer durables index firmed up by 2.33 per cent and consumer goods 1.84 per cent; auto dropped by 1.05 per cent and Oil&Gas 0.46 per cent.

The market breadth turned negative as 1,453 stocks ended in red, 1,255 finished in green while 132 ruled steady.

Total turnover fell to Rs 1,876.47 crore from Rs 1,905.14 crore yesterday.

On global front, Asian stocks ended lower today after a private gauge of China's manufacturing in January unexpectedly contracted. Key benchmark indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan fell by 0.35-1.51 per cent.

However, european markets were trading narrowly mixed as indices Germany and UK eased by 0.17 0.25 per cent, while Germany's DAX was up 0.15 per cent.