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BSE Sensex rises for first time in 3 sessions; Hero MotoCorp leads gains

The 30-share Sensex reclaimed the 26,000-mark by rising 109.19 points, or 0.42 per cent, to end the session at 26,108.53 after climbing to 26,248.54 intra-day.

BSE Sensex recovered by over 71 points to regain the 26,000-mark in early trade on emergence of buying by funds and retail investors amid a firming trend in other Asian markets. Reuters BSE Sensex recovered by over 71 points to regain the 26,000-mark in early trade on emergence of buying by funds and retail investors amid a firming trend in other Asian markets. Reuters

The benchmark Sensex today rose for the first time in three sessions and ended over 109 points higher at 26,108.53 led by gains in shares of Hero MotoCorp, HDFC Bank, BHEL, M&M and SBI, amid rebound in global markets after positive US data.

Besides, encouraging corporate earnings and exit polls showing the BJP gaining majority in Maharashtra and Haryana Assembly polls triggered fresh spell of buying by participants, brokers said.

The 30-share Sensex reclaimed the 26,000-mark by rising 109.19 points, or 0.42 per cent, to end the session at 26,108.53 after climbing to 26,248.54 intra-day. The surge comes after the barometer lost 384.73 points in the previous two sessions.

Out of the 30-share Sensex, 21 stocks ended with gains while nine counters closed in the negative zone.

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The 50-scrip NSE index Nifty also recovered by 25.00 or 0.32 per cent, to 7,773.20. Intra-day, it regained the 7,800-mark to touch the day’s high of 7,819.20.

“Auto and banking stocks helped indices rise…rebound in global markets, further strengthened market sentiment,” said Manoj Choraria, a Delhi-based stock broker.

Auto stocks led by Hero MotoCorp turned buyers fancy after the company reported 58.62 per cent increase in net profit at Rs 763 crore for the second quarter ended September.

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Country’s largest two-wheeler maker Hero MotoCorp shares gained the most among Sensex counters by surging 3.52 per cent. M&M and Maruti Suzuki also edged higher.

Investors, after remaining sellers in the past few sessions, were seen accumulating stocks at an attractive levels.

Sentiments also buoyed on mixed closing on other Asian markets and a rally in the European markets after positive US data, they said.

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Other Sensex-based gainers which provided support included Axis Bank, ICICI Bank, Tata Steel, Coal India, NTPC, L&T, RIL, HDFC Ltd, Bharti Airtel, Sun Pharma and ITC Ltd.

Bucking the trend, shares of IT major TCS plunged 8.73 per cent to Rs 2,444.90 after its September quarter numbers failed to meet market expectations, pulling down the IT index by 4 per cent lower.

Sectorally, the BSE Banking sector index gained the most by rising 2.46 per cent, followed by Capital Goods index (up 1.86 per cent), Consumer Durables index (1.81 per cent), Power index (1.34 per cent) and PSU index (1.06 per cent).

 

First published on: 17-10-2014 at 11:25 IST
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