Friday, Oct 24, 2014

BSE Sensex rises to 2-week high on earnings boost; Reliance Industries shares jump

The benchmark BSE index provisionally rose 0.2 percent to 25,692.01 while the broader NSE Nifty index ended up at 7,684.20. (Reuters) The benchmark BSE index provisionally rose 0.2 percent to 25,692.01 while the broader NSE Nifty index ended up at 7,684.20. (Reuters)
Press Trust of India | Posted: July 21, 2014 4:13 pm | Updated: July 21, 2014 6:21 pm

The benchmark BSE Sensex today gained over 73 points to close at two-week high level of 25,715.17 on sustained capital inflows and encouraging first quarter earnings from bluechips including Reliance Industries and HDFC.

The 30-share Sensex after rising to touch the day’s high of 25,861.15, slipped partially on profit-taking towards the fag-end but still ended in the positive terrain for the fifth straight session. It gained 73.61 points, or 0.29 per cent, at 25,715.17 — its highest closing since 26,100.08 (July 7).

In five days, the BSE index has now risen by 708 points.

On similar lines, the 50-share National Stock Exchange’s Nifty rose by 20.30 points, or 0.26 per cent, to end at 7,683.20 after surging to 7,722.10 intra-day.

Brokers said the market remained in bullish mood ever since the market leaders — Infosys and TCS –posted better earnings, which exceeded estimates.

Reliance Industries had on Saturday posted a 13.7 per cent jump in its first quarter net profit to almost USD 1 billion. Shares of RIL, which has the second-highest weight in the Sensex, rose over 2 per cent.

HDFC shares gained 3 per cent after it poster higher consolidated profit. HDFC Bank scrip, however, slipped even as it reported 21 per cent growth in June quarter profit.

Besides, improving macro-economic data amid government exuding confidence that tax collection in the current fiscal would exceed target of Rs 13.64 lakh crore, helped markets.

A firming trend at the other Asian markets further supported the uptrend, brokers added.

Axis Bank, ICICI Bank, Coal India, Dr Reddy, Hindustan Unilever, ITC Ltd, SunPharma, Mahindra and Mahindra, Maruti Suzuki and TCS were among the major Sensex gainers.

Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 574.47 crore on last Friday as per provisional data from the stock exchanges.

Highlights

* BSE index gains 0.29 pct; NSE index up 0.26 pct

* Kotak, MCX gain on merger-related news

* Corporate earnings to drive market in near term – analyst

Indian shares end higher; Reliance Industries gains on earnings

(Reuters) Indian shares rose for a fifth consecutive session on Monday as Reliance Industries rallied after its quarterly earnings beat estimates, while merger-related news led to gains in some companies such Kotak Mahindra Bank.

Sentiment was also helped as overseas investors, who have supported a rally in Indian shares this year, were net buyers for a third consecutive session on Friday with purchases of 5.74 billion rupees ($95.22 million) despite concerns over escalating tensions between Russian and the West.

Still, trading is likely to remain range-bound, according to dealers, with investors continuing to monitor earnings including those from Axis Bank Ltd on Tuesday, and Ambuja Cements Ltd and ACC Ltd on Thursday.

“Right now, the markets are completely driven by corporate earnings. There are no immediate triggers left. It’s continued…

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