Sensex rises 73 pts to 2-week high on robust bluechip earnings

Mumbai: The benchmark Sensex today rose for the fifth day and ended 73 points higher at two-week closing peak on continued foreign capital inflows after bluechips, including RIL and HDFC, reported robust quarterly earnings.

Besides, improving macroeconomic indicators, monsoon progress and positive cues from global markets supported the buoyancy in domestic indices, brokers said.

Shares of Reliance Industries (RIL) rose by 2 per cent after the company posted better-than-expected results on Saturday. 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.

The earnings season had started on a good note with tech giants Infosys and TCS exceeding investor expectations, brokers added.

The BSE Sensex resumed higher at 25,776.54 and firmed up further to 25,861.15 on initial buying coupled with higher global cues. However, it lost some momentum due to fag-end selling pressure as Asian markets turned lower amid a weak start in the European markets.

The index ended at 25,715.17, showing a gain of 73.61 points or 0.29 per cent. This is its best closing since July 7 when it crossed 26,100 mark. With today’s gain, the Sensex has gained over 700 points in five straight sessions.

“Selective buying in index heavyweights and particularly FMCG sector maintained buying momentum on the bourses,” said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.

The NSE 50-share Nifty today moved up by 20.30 points, or 0.26 per cent, to end at 7,684.20.

Foreign Portfolio Investors bought shares worth a net Rs 574.47 crore on last Friday as per provisional data.

Asian stocks ended lower as indices in China, Hong Kong and South Korea declined by 0.05-0.29 per cent while indices in Singapore and Taiwan moved up by 0.11-0.43 per cent

Free Press Journal