Business Today

Sensex up 2nd day in a row, Satyam falls 3.6%

Rising for the second straight session, the BSE 30-share barometer ended 72.20 points higher at 20,117.38 - its best finish since January 15, 2008.

twitter-logoPTI | September 27, 2010 | Updated 17:43 IST

The Bombay Stock Exchange benchmark Sensex on Monday added 72 points to close at a fresh 32-month high, led by blue-chips like Reliance Industries and State Bank of India, amid firm global cues.

Rising for the second straight session, the BSE 30-share barometer ended 72.20 points higher, or 0.36 per cent, at 20,117.38 - its best finish since January 15, 2008, when the index settled at 20,251.09.

In a similar trend, the wide-based Nifty-50 index of the National Stock Exchange ended 0.29 per cent higher at 6,035.6.

The Sensex shuttled between a high of 20,267.98 and a low of 20,082.26 during the day's trade.

Equity analysts said the domestic market was able to maintain the positive momentum on the back of heavy inflows from foreign institutional investors (FIIs), who have infused a whopping Rs 80,819 crore in local stocks so far this year.

"The market is rallying on support of overseas fund firms and the trend is likely to continue for coming days, though profit-booking from time-to-time cannot be ruled out," IDBI Federal Life Insurance Chief Investment Officer, Aneesh Srivastava, said.

However, volatility might increase, as F&O expiry will lead to more intra-day gyrations, brokers said.

Mukesh Ambani-controlled energy major RIL, which holds the maximum weight in the Sensex, rose 0.79 per cent to settle at Rs 1,009.55.

Demand was also seen for state-run ONGC, which ended 1.4 per cent higher, and NTPC, which rose 2.51 per cent.

But it was the metal counter which attracted the maximum demand on Monday.

Hindalco surged 3.33 per cent, the most among the 30-share Sensex pack, while Jindal Steel rose one per cent.

"The investor confidence is high in metal stocks, as there is buzz of metal companies likely to raising their product prices to cash in on the festive season," Ashika Brokers Research Head, Paras Bothra, said.

Among the financial stocks, SBI gained 1.13 per cent and ICICI Bank 0.23 per cent.

Other major gainers of the day were Bharti Airtel, which rose 1.39 per cent, Cipla (up 1.34 per cent), Tata Motors (up 1.25 per cent) and DLF (up about 2 per cent).

In the Sensex components, 19 stocks finished with gains, while 10 settled in the red. Reliance Communications remained unchanged.

With a loss of 2.11 per cent, HDFC Bank led the losers pack. Hindustan Unilever declined 1.94 per cent and HDFC by 0.57 per cent.

IT stocks were also under pressure, with Infosys dropping 0.5 per cent, TCS 0.45 per cent and Wipro 0.34 per cent.

Mahindra Satyam, earlier Satyam Computer, plunged 3.6 per cent after the IT major said it will get delisted from the New York Stock Exchange (NYSE) over its inability to comply with market norms.

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