RTTNews - Firm overseas markets and consistent buying by foreign funds on the back of impressive corporate earnings lifted India's frontline indexes, the Sensex and the Nifty, sharply higher despite some mid-session selling due to weekend profit taking following weak European markets.
The BSE Sensex moved in a range of 15,733-15,449 before finishing at 15,670, up 282 points or 1.83% from its previous close, while the S&P CNX Nifty rose 65 points or 1.42% to 4,636.
On the BSE, the broad-based BSE 500 index gained 1.39% and the mid-cap index added 1.17%, while the small-cap index ended almost unchanged. The market breadth was fairly positive, with 1405 gainers compared to 1298 losers.
Sector-wise, defensive FMCG stocks led the market higher with over 3% gains, followed by oil/gas, banking, IT, consumer durable and metal stocks. Realty stocks ended on a subdued note and healthcare and power stocks closed with modest gains.
Among the top gainers, Hindalco, Tata Motors and ONGC rallied around 6% each, SBI advanced 5.29% and Hindustan Unilever, Reliance Industries and ITC ended up nearly 3% each.
Sterlite, HDFC Bank, HDFC, Infosys, Sun Pharma, Tata Steel, Reliance Infrastructure, BHEL, Larsen & Toubro, Maruti Suzuki and ACC were the other prominent gainers.
Bharti Airtel bucked the rising trend with over 3% loss, as investors speculated on possible scenarios that may unfold over a potential tie-up with South Africa's MTN, with a self-imposed deadline on exclusive negotiations ending on Friday.
Reliance Communication, Hero Honda Motors, DLF, NTPC, TCS and Grasim Industries also ended in the red.
Sterlite Industries rose 2.91% on the back of a rally in copper prices on the LME on Thursday. Among other top gainers in the metal space, Hindalco surged up 6.65%, National Aluminum jumped 5.15%, Gujarat NRE Coke rallied 5.09%, Sesa Goa advanced 3.82%, Hindustan Zinc gained 2.40% and Tata Steel added 2.12%.
Financial Technologies rallied 4.06% after its net profit for the three months to June jumped 166% year-over-year. Mahindra & Mahindra ended up 0.56% on reports that it will launch new products in HCV and LCV segments by December or January.
UTV Software Communications ended down 0.83% after reporting a consolidated net loss of Rs 23.3 crore for the June quarter.
ONGC climbed 5.91%, Cairn India rose 1.33% and Reliance Industries advanced 3.01% after crude oil price rose above $67 a barrel in Asian trading on Friday on renewed hopes of economic recovery.
On the other hand, among oil-marketing companies, HPCL fell 2.68% and BPCL tumbled 3.13%, while IOC ended down 1.66% despite announcing an eight-fold jump in its quarterly net profit.
Moser Baer India advanced 3.07% after reporting a profit of Rs 2.76 crore for the first quarter ended June compared to a net loss of Rs 103.98 crore in the year-ago period. Tata Chemicals surged up 6.30% on the back of a 59% rise in its quarterly net profit.
Dr Reddy's Laboratories slipped 0.77% even as it launched Execare( Halometasone Cream 0.05 per cent) in India. Ranbaxy Laboratories gained 2.58% on speculation that the U.S. regulator would allow the company resume its exports from the Dewas plant.
PTC India rose 2.31% after reporting a 77% rise in its first-quarter net profit. Jain Irrigation Systems rose 2.08% after its net profit for the three months ended June grew to Rs 55.59 crore from Rs 29.56 crore in the year-ago period.
Glenmark Pharmaceuticals edged up 1.11% after its subsidiary received approval from the U.S. Food and Drug Administration (FDA) for marketing an ointment used in treating skin problems. McNally Bharat Engineering rallied 4.84% on bagging an order worth Rs 414 crore order for a power project of Ideal Energy Projects in Nagpur.
Federal Bank closed up 0.97% after reporting a two-fold rise in its June-quarter net profit. Polaris Software rose 2.24% despite announcing disappointing quarterly earnings. Navneet Publications fell 1.29% even as its board recommended three bonus shares for every two shares held.
Sugar stocks closed mixed after the government extended duty-free raw sugar imports until March and white sugar imports up to November.
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