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Sensex gains 145 points; Unitech up 9.6%

Sensex gains 145 points; Unitech up 9.6%
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First Published: Thu, Mar 24 2011. 10 20 PM IST
Updated: Thu, Mar 24 2011. 10 20 PM IST
Mumbai: Indian shares climbed 0.8% on Thursday and stretched gains into a third day, supported by firm world stocks and led by financial stocks.
But the turmoil across the Middle East and North Africa, coupled with renewed concerns in the euro zone kept the outlook uncertain.
Unitech Ltd posted its best single-day gain in nearly 16 months, rallying 9.6% after JPMorgan upgraded the beaten down stock to “overweight” from “neutral” on Wednesday, citing cheap valuations, reasonable gearing, comfortable liquidity and high embedded land value. The stock is still down nearly 39% this year.
The 30-share Bombay Stock Exchange (BSE) index gained 0.79%, or 144.58 points, to 18,350.74, with 23 components advancing.
“Trade will be rangebound for some time. There is no clarity as to when will things stabilize overseas,” said Harendra Kumar, head of institutional equities at Elara Capital.
He said the tensions in the Middle East and debt problems in the euro zone could affect fund inflows. The benchmark index has gained 2.9% over the past three sessions, but is down 10.5% in 2011.
In the broader market, advance-decline ratio stood at 1.3:1 , while 316 million shares were dealt on BSE, better than the 30-day average volume of 276 million shares.
The 50-share Nifty closed 0.8% higher at 5,522.40.
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First Published: Thu, Mar 24 2011. 10 20 PM IST
More Topics: BSE | Stocks | Unitech | JPMorgan | Harendra Kumar |