Sensex gains 46 pts to log best weekly gain in over two months

 The benchmark Sensex today rose over 46 points to end at 28,121.89 on buying in blue-chips of consumer durable, pharma and power sectors and logged its best weekly gain in over two months.

Similarly, the NSE Nifty index inched up by 19.65 points, or 0.23 per cent, to close above the 8,500-mark at 8,513.80.

In a session of consolidation, indices built on the Thursday's rally, the biggest single-day gain in over five years, even though global cues were weak.

Decline in the country's trade deficit to 10-month low in December and the surprise rate cut by RBI kept sentiments buoyant. Good buying by foreign funds also gave support as FPIs bought shares worth Rs 1,738.24 crore yesterday as per provisional data with stock exchanges.

However, some banking shares, mainly from public sector, attracted profit-booking IT and technology stocks also turned tepid after TCS reported marginal dip in quarterly profit.

Rise in Sun Pharma, HDFC Bank, L&T, HUL, M&M, RIL, ITC, ICICI Bank, Coal India, Dr Reddy's, Cipla and BHEL helped the Sensex end in the positive zone for the second straight day.

The BSE 30-share gauge resumed lower in line with weak Asian trends and moved in a range of 200 points before ending at 28,121.89, a rise of 46.34 points or 0.17 per cent. Yesterday, it had zoomed by 728.73 points or 2.66 per cent.

On a weekly basis, the Sensex gained 663 points. This is its best weekly rise since October 31, 2014.

"Markets remained in a very narrow range but in bullish mode to adjust for the effect of a interest rate cut on the balance sheets of India Inc," said Bonanza Portfolio, Associate Fund Manager, Hiren Dhakan.

Most Asian stocks ended lower as the turmoil sparked by Switzerland abandoning the franc's cap extended into the second day, reports said.

Key benchmark indices in Singapore, Hong Kong, Taiwan, South Korea, and Japan dropped by 0.29 per cent to 1.43 per cent while China's Shanghai Composite rose 1.20 per cent.

European markets were also trading lower as key indices in France, Germany and the UK moved down by 0.07 per cent to 0.43 per cent.

US stocks suffered their fifth straight session of declines yesterday under pressure from disappointing earnings and worries about global economic growth.

Back home, 18 scrips out of the 30-share Sensex pack ended higher while 12 others finished lower.

Major gainers were Sun Pharma (2.88 per cent), Coal India (2.55 per cent), HUL (2.28 per cent), M&M (2.10 per cent), BHEL (2.05 per cent), Sesa Sterlite (1.63 per cent), Cipla (1.47 per cent), Dr Reddy's (1.30 per cent), L&T (1.30 per cent) and Tata Power (1.04 per cent).

However, Hindalco fell by 2.40 per cent, followed by Bharti Airtel 1.89 per cent, Hero MotoCorp 1.81 per cent, SBI 1.39 per cent and Tata Motors 1.29 per cent.

Among the S&P BSE sectoral indices, Consumer Durables rose by 1.98 per cent, followed by Healthcare 1.41 per cent, Power 1.36 per cent, Capital Goods 1.23 per cent and FMCG 1.17 per cent.

Total market breadth turned negative as 1,545 stocks ended in the red, 1,376 finished in the green and 106 ruled steady. Total turnover moved down to Rs 4,135.56 crore from Rs 4,305.55 crore yesterday.