New Delhi: Buying in capital goods stocks and encouraging cues from the European stock markets helped Indian equities end the week on a positive note.
After a positive opening, the benchmark stock market indices held on to gains throughout the day as a sharp rise in IDFC and Larsen & Toubro helped them outweigh losses in other stocks.
Sensex: 18,326 +1.02%
Nifty: 5,486 +1.07%
Stoxx 50: 2,906 +0.53%
FTSE 100: 6,001 +0.76%
IDFC, Larsen & Toubro and DLF led the gains among Nifty 50 shares. Larsen & Toubro, which guided for robust revenues this financial year has witnessed several upgrades by brokerage houses. RBS and Religare raised their rating
on Larsen & Toubro stock to buy from hold. ITC, however, failed to enthuse investors with its March quarter results. The company reported 24.5% growth in March quarter profits to Rs 1, 280 crore.
IDFC: Rs 137 +4.30%
Larsen & Toubro: Rs 1,656 +3.83%
DLF: Rs 229 +3.13%
Ambuja Cement: Rs 130 –1.25%
ITC: Rs 186 –1.24%
Except for FMCG and PSU, all sectoral indices closed up on the BSE. Capital goods, automobiles and healthcare indices led the gains.
BSE Capital Goods: 13,195 +2.31%
BSE Auto: 9,113 +1.37%
BSE Healthcare: 6,153 +1.34%
BSE Power: 2,573 +1.32%
BSE FMCG: 3,762 –0.85%
Stocks of ONGC, Oil India and Gail fell after the government increased the contribution of upstream oil companies toward fuel subsidies to 38.8% for 2010-11 financial year. The hike in fuel subsidy is estimated to impact ONGC’s planned follow on public offering.