Sensex ends above 17,000 pts on earnings optimism

Sensex ends above 17,000 pts on earnings optimism

New Delhi: The Bombay Stock Exchange benchmark Sensex hit its highest level in more than 16 months, crossing 17,000 mark, on Wednesday on sustained buying led by hopes that quarterly earnings would top expectations. The NSE Nifty also closed above the 5,050 mark.

Markets opened marginally higher today backed by mixed cues from the global markets. But indices soon gained ground on fresh buying interest across sectors and the momentum continued on optimism about the second quarter results after a surge in the advance tax collections.

In the sectoral front huge buying was witnessed in bank, auto, metal, capital goods, realty, IT and PSU segments. However, FMCG and consumer durable indexes witnessed some selling.

The 30-share BSE Sensex closed higher by 273.93 or (1.63%) points at 17,126.84 and the 50-share NSE Nifty ended up by 77.10 points or (1.54%) at 5,083.95.

Leading the days rally were State Bank of India up by 5.01% to Rs2,195.70, ICICI Bank by 4.63% to Rs904.80, Maruti Suzuki by 3.70% to Rs1,698.90, Mahindra & Mahindra by 3.46% to Rs881.20, Sterlite Industries by 3.46% to Rs775.35, Wipro by 3.30% to Rs601.75, Reliance Communication by 2.75% to Rs308 and DLF Ltd by 2.65% to Rs438.

And the few losers were ONGC down by 1.25% to Rs1,171.30, ITC 1.07% to Rs231.90, Grasim Industries by 0.73% to Rs2,768.35 and Bharti Airtel by 0.07% Rs418.55.

Tata Consultancy Services ended higher by 1.47% after the announcement that it has been chosen by Singapore’s People’s Association, a statutory board under the Ministry of Community Development, Youth and Sports, to provide annual Application Management Services (AMS) for two years in a multi-million dollar deal.

MindTree Ltd dropped by 0.37% after the global IT Solutions company today launched its new Multi-Channel Commerce Solutions, designed to help retailers adopt a more customer-centric strategy.

Asian markets ended mixed. While Nikkei gained 0.3%, Hong Kong’s Hang Seng ended 0.28% down on profit-taking.