Late comeback gives Sensex 214 points gain

By SiliconIndia   |   Thursday, July 30, 2009
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Bangalore: Spurred by a late buying, the Sensex gained 214 points to end at 15,387. Trading was volatile on the last day of the July Series as the Sensex moved between 15,409 and 15,065.The Nifty advanced 58 points to finish at 4,571. The chart showing today's performance of Sensex is on the left. As the first quarter earnings season winds down, market participants say that liquidity, global cues and sentiment would drive the markets. "On balance, the earnings have been in line with expectations. From this point, it would be difficult for earnings to drive the markets up. The markets are currently trading at a fair value zone and henceforth liquidity and sentiment would drive the markets," said Nilesh Shah, MD and CEO of Envison Capital. IT, banking and realty led the gains on the bourses today. The IT index on the BSE surged 2.8 percent and the banking index rose 2.2 per cent. In the IT space, Patni Computer, Mphasis, Aptech and TCS were the top gainers, up over six percent each. Patni Computer zoomed 12.5 percent to Rs.327 on strong quarterly earnings. Among the banking stocks, OBC and SBI were the major gainers, up over 4 per cent each. SBI today reported a growth of 42 per cent in net profit at Rs 2,330.37 crore for the first quarter ended June 30, 2009. Realty stocks also moved higher today. The BSE realty index rose 1.3 per cent. Among the Sensex stocks, 23 counters rose while the remaining stocks fell. TCS was the to gainer. The stock advanced 6 per cent to Rs 530. HUL, Wipro and HDFC were the other main gainers, up more than four percent each. Sun Pharma, however, was the biggest loser. The stock fell 3.6 per cent to Rs 1,145 on weak quarterly results.
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