Extending the winning streak for the fourth straight session, the benchmark index of Bombay Stock Exchange (BSE) rose today by 80.40 points to close on a postive note at 25,561.16,led by gains in select stocks such as IT, Teck, Bankex and Capital Goods.
However, negative cues from Asian and European peers in view of rising geopolitical tension after news of a crash of Malaysian Airlines passenger jet at the Ukraine-Russia border capped the gains in the domestic market.
Volatility struck bourses in early trade as the key benchmark indices slipped in negative zone after reversing an initial decline triggered by negative Asian stocks.
Key benchmark indices cut losses after hitting a fresh intraday low in morning trade. Key benchmark indices extended recovery in mid-morning trade and hovered near the flat line.
Key benchmark indices reversed intraday fall and hit fresh intraday high in early afternoon trade. The barometer index, the BSE Sensex, and the Nifty, both hit their highest level in over one week.
Key benchmark indices trimmed intraday gains in afternoon trade. Key benchmark indices extended gains to hover near intraday high in mid-afternoon trade
The Sensex touched a high of 25,714.40 and low of 25,441.24 in intra-day trade today.
The Nifty also increased by 23.45 points to close at 7,663.90. It recorded the day’s high and low of 7,685.00 and 7,595.50 points, respectively.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,511 shares declined and 1,438 shares rose. A total of 101 shares were unchanged.
The BSE Mid-Cap index fell 38.89 points, or 0.42 percent, to 9,252.80. The BSE Small-Cap index fell 12.28 points or 0.12 pc to 10,180.84. Both these indices underperformed the Sensex.
Most Asian stocks edged lower today. Key benchmark indices in Hong Kong, Taiwan, Japan and South Korea fell by between 0.07 pc and 1.01 pc. Key benchmark indices in Singapore, China and Indonesia rose by between 0.09 pc and 0.31 pc.
European stocks edged lower today, tracking weak Asian stocks. Key benchmark indices in France, Germany and UK shed by between 0.25 pc and 0.87 pc.
A mixed trend was witnessed amongst the sectoral indices, with BSE IT being the top gainer up 1.43 pc.
Other gainers were Teck up by 0.91 pc, Bankex by 0.77 pc and CG by 0.42 pc.
While, BSE Power was the top sectoral loser down by 2.34 pc, followed by Consmer Durables by 0.88 pc, Realty by 0.88 pc, Oil & Gas by 0.77 pc, Metal by 0.53 pc, FMCG by 0.17 pc, HC by 0.14 pc and Auto by 0.02 pc.
Among the 30-share Sensex pack, 13 stocks gained and rest of them declined.
Hero MotoCorp rose by 2.62 pc to Rs 2,508.50, to be the top gainer in the Sensex pack. Axis Bank by 2.10 pc to Rs 1,996.05 and ICICI Bank by 1.97 pc were other notable gainers in the Sensex pack.
Bharat Heavy Electricals (Bhel) by 2.28 pc, Hindalco Industries by 2.25 pc and GAIL (India) by 1.87 pc edged lower in the Sensex pack.
IT stocks were in demand on good Q1 earnings from Tata Consultancy Services (TCS). Weakness in rupee against the dollar also boosted IT stocks.
TCS surged 2.58 pc. Other IT gainers were Tech Mahindra up by 1.17 pc, Polaris Financial Technology by 1.23 pc, Hexaware Technologies by 1.33 pc, HCL Technologies by 2.1 pc, Infosys by 0.31 pc and Wipro by 1.83 pc.
MindTree rose 0.48 pc after net profit surged 31.5 pc to Rs 129.40 crore.
Zee Entertainment Enterprises dropped 2.58 pc after consolidated net profit declined 6.26 pc to Rs 210.57 crore on 7.57 pc growth in total income to Rs 1,124.65 crore in Q1 June 2014 over Q1 June 2013.
Power generation stocks declined on worries weak monsoon and coal crunch could hit power production. More than half of India’s power is generated by using coal.
Tata Power Company declined by 2.76 pc, followed by Reliance Infrastructure by 2.73 pc, JSW Energy by 2.64 pc, NHPC by 2.44 pc,Jaiprakash Power Ventures by 2.41 pc, Reliance Power by 1.93 pc,Adani Power by 1.55 pc and NTPC by 0.3 pc.
Power finance companies also declined. REC by 3.66 pc and Power Finance Corporation by 3.18 pc.
PSU OMCs dropped as crude oil futures jumped amid Europe’s worst geopolitical crisis since the end of the cold war. HPCL dropped by 3.02 pc, Indian Oil Corporation by 1.37 pc and BPCL by 0.98 pc.
Subscribe to our email newsletter.