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Reforms push Sensex up 321 points

Mon, Oct 20, 2014, 06:20 PM
Mumbai, Oct 20 : After losing 0.71 percent in the last weekly trade session, a benchmark index of Indian equities markets Monday closed the day's trade 321.32 points or 1.23 percent up as bullish sentiments prevailed after the government last week announced a slew of oil and gas reforms.

Healthy buying was observed in automobile, banks, capital goods, oil and gas and metal stocks. However, heavy selling was sustained in information technology (IT) and technology, media and entertainment (TECK) sectors.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 26,434.16 points, closed the day's trade at 26,429.85 points, up 321.32 points or 1.23 percent from the previous day's close at 26,108.53 points.

The Sensex touched a high of 26,517.90 points and a low of 26,368.94 points in the intra-trade.

"Markets rose today (Monday) on the back of positive global cues as well as the announcement of reforms measures in India in the oil and gas sector," said Dipen Shah, head-private client group research, Kotak Securities.

"Most sectoral indices gained except the IT sector. Market participants likely shifted away from the sector in favour of the domestic cyclical and infrastructure plays."

Other factors cited by market analysts were the state election verdict that gave clear mandate to BJP-led government.

The S&P automobile index gained 369.44 points, bank index went up by 324.17 points, capital goods index moved up by 304.14 points, oil and gas index rose by 204.83 points, and metal index was higher by 170.21 points.

However, IT index dropped by 83.75 points and TECK index slipped by 14.46 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also ended in positive territory. It closed at 7,879.40 points -- up 99.70 points or 1.28 percent.

The major Sensex gainers were: ONGC, up 5.44 percent at Rs.418.85; Hindalco Inds, up 4.69 percent at Rs.146.25; Tata Motors, up 3.94 percent at Rs.494.50; Axis Bank, up 3.92 percent at Rs.417.70; and Larsen and Toubro (L&T), up 2.90 percent at Rs.1,494.50.

The losers were: Wipro, down 1.67 percent at Rs.556.35; Infosys, down 1.09 percent at Rs.3,812; Tata Consultancy Services (TCS), down 0.88 percent at Rs.2,423.35; ITC, down 0.51 percent at Rs.352.10; and Reliance Inds, down 0.39 percent at Rs.934.50.

Among the Asian markets, Japan's Nikkei closed 3.98 percent up, Shanghai Composite Index ended higher by 0.53 percent and Hong Kong's Hang Seng gained 0.41 percent.

In Europe, London's FTSE 100 was trading 1.10 percent down and the French CAC 40 Index was ruling lower by 1.21 percent at the closing bell here. Germany's DAX Index was, however, higher by 3.12 percent.
Agency: IANS
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