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Sensex gains 0.7%, posts sixth weekly advance

Sensex gains 0.7%, posts sixth weekly advance
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First Published: Fri, Apr 17 2009. 09 20 PM IST
Updated: Sat, Apr 18 2009. 10 01 AM IST
Mumbai: The Bombay Stock Exchange’s key index posted its sixth weekly gain on Friday, after US company earnings beat estimates and better data from the world’s biggest economy lifted confidence the global recession is easing.
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ICICI Bank Ltd and State Bank of India (SBI) led gains among lenders. Overseas investors were net buyers of local equities every day this month, acquiring about $621 million (Rs3,086 crore today) worth of stocks, data through 15 April on the regulator’s website shows. Sterlite Industries (India) Ltd fell 3.2%, leading commodity producers lower as metal prices retreated.
“The rally looks like it will sustain for some time,” said Mahesh Patil, who helps manage $8.8 billion at Birla Sun Life Asset Management Co. Ltd in Mumbai. “News flows from the US have improved and that’s driving the rally globally.”
The Sensex rose 75.69 points, or 0.7%, to 11,023.09, adding to the 2% gain this week. The S&P CNX Nifty index on the National Stock Exchange added 14.90 points, or 0.4%, to 3,384.40.
The US Standard and Poor’s 500 index gained 1.6% on Thursday as JPMorgan Chase and Co. reported a 10% decline in first quarter (Q1) earnings to $2.14 billion, or 40 cents a share. That beat the estimate of 32 cents expected by analysts surveyed by Bloomberg. Google Inc. said Q1 profit rose 8.9%, exceeding analysts’ estimates.
The US Labour Department reported on Thursday new jobless claims in the week ended 11 April fell by the fewest since January.
ICICI gained 3.1% to Rs440.85. SBI added 3.5% to Rs1,304.80.
Sterlite dropped 3.2% to Rs388.25 after copper fell for a second day in London. Hindalco Industries Ltd declined 4.8% to Rs55.10. Tata Steel Ltd slid 4.1% to Rs258.20.
Copper for delivery in three months declined 1%, to $4,682 a tonne at 10.33am on the London Metal Exchange. Aluminium dropped 1.5% to $1,460 a tonne.
Hero Honda Motors Ltd added 3% to Rs1,110.15. The company expects two-wheeler sales to climb 7.5% this fiscal year ending 31 March 2010.
Power Finance Corp. Ltd rose 6.7% to Rs154.25. The company said fourth quarter profit climbed 33% to Rs391 crore.
SpiceJet Ltd gained 12% to Rs18.23. The low-cost carrier is still in talks with rival budget carriers GoAir and IndiGo for an alliance, Business Standard reported, citing a SpiceJet official it didn’t name.
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First Published: Fri, Apr 17 2009. 09 20 PM IST