Sensex soars 333 points on earnings, F&O expiry, global cues

Mumbai: Market came good for the third day in a row as the Sensex today leaped 333 points to end at nearly a 3-month high of 27,708 following extensive gains on the back of strong earnings amid positive global cues. The NSE Nifty went past the 8,600-mark for the first time since November 1.

Covering of pending short positions following the expiry of the January derivatives contracts today and positive earnings by some companies aided sentiment. Stock exchanges will remain closed tomorrow for the Republic Day.

After a positive start, the 30-share Sensex rose further as buying activity gathered momentum and hit a high of 27,736.83 before settling 332.56 points, or 1.21 percent higher at 27,708.14, a level last seen on November 1 when it had closed at 27,876.61.



The gauge had rallied 341.08 points in the previous two trading sessions.

Also, the 50-issue NSE Nifty ended at 8,602.75, up 126.95 points, or 1.50 percent, after shuttling between 8,612.60 and 8,493.95.

Gains were led by banking, metal, auto and consumer durables stocks, lifting key indices.

Mood was upbeat aided by optimism ahead of the Union budget on February 1 amid a firming trend at other Asian and European markets following overnight record close in the US markets on fresh optimism over new US President Donald Trump's economic policies, traders said.

The banking index advanced the most by surging 2.33 percent, followed by consumer durables (2.26 percent), oil & gas (1.75 percent), PSU (1.64 percent), capital goods (1.53 percent), realty (1.46 percent), metal (1.39 percent) and auto 1.39 (percent).

HDFC Ltd emerged as the top gainer in the Sensex kitty, climbing 4.31 percent, followed by Adani Ports (up 3.61 percent).

HDFC Bank surged 1.56 percent after the company today reported 15.04 percent growth in net profit at Rs 3,865.33 crore for the December quarter.

Maruti Suzuki too climbed 1 percent after the company today posted a 47.46 percent jump in standalone quarterly net profit.

Other prominent gainers were Hero MotoCorp, Axis Bank, Coal India, L&T, ITC Ltd, M&M, SBI, TCS, Bajaj Auto, ONGC, Tata Motors, ICICI Bank, Dr Reddy's and Tata Steel.

On the other hand, Bharti Airtel plunged 1.52 percent on nervous selling after net profit for October-December took an over 54 percent hit due to a tariff war.

Overall, 23 out of the 30-share Sensex pack advanced while others ended in the red. The broader markets too showed an uptrend, with BSE mid-cap index rising by 0.90 percent and small-cap 0.87 percent.

Foreign portfolio investors net bought shares worth Rs 93.95 crore yesterday, as per provisional data.

Globally, Japan's Nikkei ended up 1.43 percent and the Shanghai Composite index closed 0.22 percent higher while Hong Kong's Hang Seng inched up 0.43 percent.

Europe too traded strong, with Frankfurt, Paris and London's FTSE rising by up to 1.13 per cent in their late morning deals.

Published Date: Jan 25, 2017 17:05 PM | Updated Date: Jan 25, 2017 17:05 PM

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