Sensex closes 100 pnts up, Nifty above 10,200

24 Oct 2017

The BSE Sensex advanced by 0.31% and the broader Nifty closed above the 10,200 mark on Tuesday mainly on the back of gains in banking, FMCG and oil stocks despite profit booking in key bluechips like RIL and Infosys.
The 30-share Sensex shuttled between 32,670.37 and 32,502.08 during the day before settling higher by 100.62 points, or 0.31%, at 32,607.34, extending its gains for a second day. The gauge had gained 116.76 points on Monday. The NSE Nifty climbed 22.85 points, or 0.22%, to close above the 10,200-mark at 10,207.70. Intra-day, it moved between 10,237.75 and 10,182.40 in a volatile trade.
The sentiment got support from better-than-expected earning results by select companies and continuous buying by domestic financial institutions.
“Banking sector led the market higher on expectations over FM’s announcement on recapitalisation plans for PSU banks later today, but earnings too did its part in keeping sentiments buoyant,” said Anand James, chief market strategist, Geojit Financial Services Ltd.
“Volatility continued to plague market momentum as mixed global cues and the expiry of October derivatives contracts impacted investor sentiment,” said Karthikraj Lakshmanan, senior fund manager–equities, BNP Paribas Mutual Fund.
The broader markets depicted a firm trend as investors raised bets on hopes of encouraging earnings, lifting the small-cap index by 0.56% and mid-cap index by 0.21%. Buying was led by PSU, power, oil & gas, banks, metal, realty and FMCG—supported by second-line shares of mid-cap and small-cap industries. While selling was seen in IT, healthcare and consumer durables sector counters.
Asian Paints emerged as the top gainer among Sensex constituents by rising 4.10% on expectations of strong earnings, followed by state-run lender SBI which rose 3.56%. Private lender HDFC Bank ended 0.13% higher after it posted 20.1% jump in net profit to Rs4,151 crore for the second quarter. ICICI Bank and Kotak Bank too rose up to 1.70%, helping the indices to extend gains for a second day.
Other major gainers were NTPC, ONGC, Hindsutan Unilever, Tata Steel, Power Grid, Bharti Airtel, Maruti Suzuki, L&T, Axis Bank, Cipla, ITC HDFC LTD and Dr Reddy’s. However, the country’s second largest software exporter Infosys lost 1.37% ahead of its quarterly earnings announced after the trading hours. (PTI)