Sensex rises 184 points to 3-week high

Sensex rises 184 points to 3-week high

The benchmark BSE Sensex today rose by over 184 points to reclaim the 26,000-level and ended the day at almost three-week high on broad buying, sparked by capital inflows and softening wholesale price based inflation.

After resuming trade on a positive note, the 30-share BSE index remained in the positive terrain throughout the day before finishing 184.28 points or 0.71 per cent higher at 26,103.23, a level not seen since July 25 when it had ended at 26,126.75.
The Sensex had, however, regained 26,000 level on July 30 when it ended the day at 26,087.42.

Rising for four days continuously, bellwether index has recorded a gain of 774 points or 3.06 per cent.

"Markets rose by more than 0.5 per cent on Friday and by more than 3 per cent for the week on the back of expectations of further reforms from the Government and reduced concerns on the geo-political situation across the world," said Dipen Shah, Head of Private Client Group Research, Kotak Securities.

Buying support was strong that even weakness in Asian and European markets did not impact sentiment, brokers said.

Of the 12 sectoral BSE indices, 10 closed the day with marked gains. Consumer durables, realty, capital goods, metal, oil&gas and power shares took the lead, while IT and teck finished slightly lower.

Foreign Institutional Investors (FIIs) bought shares worth Rs 718.27 crore yesterday, as per provisional data with stock exchanges, boosting the investors confidence.
Meanwhile, inflation, as measured by Wholesale Price Index (WPI) dipped to five-month low of 5.19 per cent in July from 5.43 per cent last month and 5.84 per cent in July 2013.

The broader 50-issue Nifty of the NSE failed to cross 7,800-mark, but rose 52.15 points or 0.67 per cent to three-week high of 7,791.70.

The BSE and NSE will remain closed tomorrow in view of Independence Day celebrations.

Realty, capital goods, consumer durable, power and oil&gas shares suffered the most while FMCG, IT and pharma counters attracted good buying support.
Two-tier shares were at the receiving end on profit booking by cautious retail investors after recent rally and as a result the total market breadth was negative, despite rise in the Sensex and the Nifty.

Barring Singapore, which ended just in negative terrain, other Asian markets closed with gains between 0.06 per cent and 1.02 per cent.

European stocks were trading mixed with upward bias. The CAC was up by 0.62 per cent and the DAX by 0.87 per cent while the FTSE softened by 0.02 per cent.
From the 30-share Sensex, 14 shares closed with gains while others ended with losses.

Besides ITC, other gainers from the Sensex pack were HDFC (2.26 per cent), Sun Pharma (2.09 per cent), Wipro (0.98 per cent), Sesa Sterlite (0.92 per cent), TCS (0.86 per cent) and HDFC Bank (0.64 per cent).

However, BHEL dropped by 6.57 per cent, followed by Coal India 3.18 per cent, Hindalco 3.04 per cent, Tata Power 2.64 per cent, SBI 2.50 per cent, Larsen & Toubro 2.33 per cent, Axis Bank 2.04 per cent, Tata Steel 1.33 per cent, Cipla 1.26 per cent and ONGC 0.91 per cent.

Among S&P BSE sectoral indices, FMCG rose by 2.22 per cent followed by IT 0.76 per cent and and Healthcare 0.75 per cent while Realty fell by 5.22 per cent, Capital Goods 2.65 per cent, Consumer Durables 2.18 per cent, Power 2.17 per cent and Metal 1.27 per cent.

The overall market breadth turned negative as 2,049 stocks closed in the red, 871 ended in the green while 90 ruled steady.

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