Sensex close 76 pts up to 3-mth high

The BSE benchmark index opened higher but soon dipped to the day's low of 17,423.45.

Written by Agencies | Mumbai | Published: July 5, 2012 5:26:15 pm

Continuing its upward march for the third day in a row,the Sensex on Thursday rose nearly 76 points to end at 17,538.67,its highest closing in 3 months,despite mixed global trends ahead of key European Central Bank meet.

The BSE benchmark index opened higher but soon dipped to the day’s low of 17,423.45 as rupee weakened to below 55-level a US dollar.

After trading in a narrow 139-point range,Sensex finally

ended 75.86 points higher or 0.43 per cent at 17,538.67,the highest closing after Sensex ended at 17,597.42 on April 3.

“Strong FII fund flows and expectations of measures from

the government to boost the sagging economy helped the market remain firm,” said Alex K Mathews,Head Technical and Derivatives Research,Geojit BNP Paribas Financial Services.

The day’s gains were led by FMCG,banking and capital goods scrips. The 21 gainers in the 30-share index included Cipla,ICICI Bank,Tata Motors and ITC while the nine losers were led by ONGC,Bajaj Auto,Coal India and Sterlite.

Likewise,the 50-share National Stock Exchange index Nifty

rose by 24.75 points or 0.47 per cent to 5,327.30.

Brokers said investors were shy of buying large-caps and they put money in small-cap and mid-cap stocks. The BSE Midcap

and Smallcap indices rose 0.90 and 1.64 per cent respectively.

The market breadth closed on a positive note with 1,946 shares closing with gains out of the 3,012 shares traded.

“Sentiment was positive on hope of FDI limit hike in retail and favourable decision on GAAR issue. However,rupee’s weakness was a major concern,” said Shubham Agarwal,Associate VP & Sr Technical Equities Analyst,Motilal Oswal Securities.

Globally,sentiments were mixed with Japan’s Nikkei and

China’s Shanghai Composite ending lower while the UK’s FTSE and Germany’s DAX were trading marginally higher in early trade. Investors awaited the outcome of today’s ECB meeting,where it is expected to cut borrowing costs,dealers said. At close,shares of retail companies ended with up to 18

per cent gains.

Koutons Retail India skyrocketed 18.29 per cent to close at Rs 10.54 on BSE.

Shoppers Stop was up 9.25 per cent,Provouge India (9.75

per cent),Brand House Retails (9.81 per cent),Trent (7.54

per cent),Store One Retail India (4.93 per cent) and Pantaloon Retail India (3.04 per cent).

Meanwhile,the BSE barometer Sensex settled 75.86 points up at 17,538.67 points.

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