RTTNews - The Indian market reversed its early loss and ended notably higher on Friday, as European shares turned positive after an initial slide and the U.S. index futures pointed towards a firm opening by the U.S. markets on Friday, despite disappointing results from Microsoft, Amazon. com Inc and American Express after the close of market hours on Wall Street Thursday.
Better-than-expected quarterly earnings from Indian companies, the resumption of buying by FIIs and hopes that a recovery from the global recession is under way also aided sentiment. The broader market, consisting of small-caps and mid-caps, outperformed large caps.
The BSE Sensex moved between a high of 15,419 and the day's low of 15,169 before finishing at 15,379, up 148 points or 0.97% from its previous close. The S&P CNX Nifty rose 45 points or 0.99% to 4,569, while the small-cap and the mid-cap indexes on the BSE advanced 1.81% and 1.67%, respectively.
Among the top gainers, Tata Motors climbed nearly 10%, DLF, Maruti Suzuki and Tata Steel jumped over 6% each, Jaiprakash Associates rallied 5.16%, Hero Honda Motors advanced 4.19%, Mahindra & Mahidnra gained 3.62% and Hindalco added 3.31%.
Sterlite Industries, ONGC, Tata Power, Infosys, Hindustan Unilever, BHEL, NTPC, Grasim, TCS, ITC and Wipro were the other prominent gainers.
On the other hand, Sun Pharma fell 2.21%, HDFC declined 1.65%, SBI moved down 1.59%, Reliance Industries eased 1.20%, ACC shed 1.11%, ICICI Bank lost 1.04% and HDFC Bank ended down 0.28%.
Bharat Forge surged up 14% despite reporting a 96% year-over-year plunge in its quarterly net profit after the auto component manufacturer forecast improved off-take for components in the rest of the year amid early signs of recovery in the U.S. and the European markets. Amtek Auto rallied 10.85%, Munjal Showa jumped nearly 8% and Subros climbed 6.52%
Bharti Airtel closed at Rs.415.50, up over 2% following a two-for-one stock split. Maruti Suzuki climbed over 6% to an all-time high, a day after it reported a 25% rise in its quarterly net profit.
Reliance Industries ended down 1.20% ahead of the announcement of its quarterly earnings after market hours on Friday. Union Bank of India tumbled around 5% after it reported a 94% rise in its June-quarter net profit on the back of higher non-interest income.
Essar Oil rose 1.78% on reports that it plans to tie up with food and banking companies to enhance its presence at 1,250 outlets. Tata Motors climbed 9.72% on reports that it is conducting a feasibility study to market its cars in Indonesia.
Mangalore Refinery and Petrochemicals (MRPL), a subsidiary of Oil and Natural Gas (ONGC), gained 1.03% after ONGC board approved an investment proposal of MRPL for installation of a polypropylene unit, with an estimated capex of Rs.1,803.78 crore. ONGC also ended up over 3% despite reporting a decline in its net profit for the fourth quarter in a row.
Banking stocks were the worst hit, as bond yields rose ahead of the results of the Rs.12,000 crore RBI bond auction. Among the prominent losers, Bank of India fell 2.69%, Punjab National Bank declined 2.54%, SBI eased 1.59% and IDBI Bank ended down 0.29%.
ICICI Bank fell 1.04% ahead of the announcement of its quarterly results. Finance minister Pranab Mukherjee said in a written reply to the Lok Sabha that the bank was twice issued letter of warning for violating RBI guidelines relating to opening of deposit accounts.
CESC ended up 0.78% after its standalone net profit for the three months ended June grew modestly to Rs. 105 crore from Rs. 94 crore in the year-ago period. INOX Leisure advanced 3.79% after it commenced commercial operation of its new multiplex cinema theatre in Indore.
NALCO added 1.56% on reports that it has raised aluminum prices by 5% or Rs 5000 a tonne to match rising global prices. Essel Propack was locked at the 5% upper circuit limit after it reported a net profit of 5.24 crore in the June quarter compared to a net loss of Rs 9.75 crore in the corresponding quarter of the previous year.
Elsewhere, the other Asian markets ended higher across the board, with Hong Kong's Hang Seng index returning back to levels which were last seen before the collapse of the Lehman Brothers.
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