Wrap-up| Indian stocks extend gains, Sensex up 1%

Wrap-up| Indian stocks extend gains, Sensex up 1%

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 1, 280 crore.

IDFC: 137 +4.30%

Larsen & Toubro: 1,656 +3.83%

DLF: 229 +3.13%

Ambuja Cement: 130 –1.25%

ITC: 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.