BackWrap-up| Shares end higher; IT stocks lead gain
Wrap-up| Shares end higher; IT stocks lead gain
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R Sree Ram & Mary Ercilia Gayen
New Delhi: Buying in information technology and FMCG stocks helped Indian shares end with gains for the eighth consecutive day. After opening on a positive note, Indian stocks turned volatile on short covering and portfolio adjustments by investment managers. Apart from settlement day, Thursday is also the last day in the current financial year.
Sensex: 19,445 +0.80%
Nifty: 5,833 +0.80%
Stoxx 50: 2,918 –0.60%
FTSE 100: 5,939 –0.15%
Information technology, FMCG and oil & gas stocks led the gains on the BSE. Overnight, reports of an improving job market pointed towards continuing economic recovery in the IT companies’ largest revenue generating market, the US. Upbeat results from US companies Oracle Corp and Accenture also indicated a resurgence in tech spending.
Investors also bought FMCG stocks after several analysts’ reports pointed towards price hikes and continuing robust demand for consumer goods.
BSE IT: 6,548 +1.92%
BSE FMCG: 3,596 +1.67%
BSE Oil & Gas: 10,240 +1.44%
Movers & Shakers
Among individual stocks, Anil Ambani group companies led the gains in the Nifty-50 pack. Reliance Infrastructure has recently announced buy back of shares from 5 April. The company has earmarked ₹ 1,000 crore for buy back. The shares will be bought at a price not exceeding ₹ 725 apiece.
Reliance Power: ₹ 131 +5.25%
Reliance Infrastructure: ₹ 703 +3.98%
However, profit booking sent banking stocks lower on Thursday. Stocks of most private banks ended with losses. These stocks had seen a significant rise over the last two weeks after the government presented a bill to remove cap on voting rights for shareholders in private banks. State Bank of India was down 3% over the news that it has been removed from its permanent caretaker position for EPFO funds.
IndusInd Bank: ₹ 263 –4.87%
Yes Bank: ₹ 309 –3.22%
State Bank of India: ₹ 2,767 –3.19%
IDBI Bank: ₹ 142 –2.30%
Axis Bank: ₹ 1,403 –1.48%
Among other scrips, Aurobindo Pharma stock gained 1% as it received final approval from the USFDA to manufacture and market an anti-hypertension drug. The product has a market size of approximately $41 million for the 12 months ending September 2010, according to IMS, and will be launched shortly.
Aurobindo Pharma: ₹ 195.90, +1.08%
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