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Mkt logs new closing peaks on fag-end buying
Benchmarking indices have ended at record high at close of the session on Thursday, the 10th straight session following expiry of January 2015 derivative contracts.
Mumbai: Benchmarking indices have ended at record high at close of the session on Thursday, the 10th straight session following expiry of January 2015 derivative contracts.
The sensex ended up 123 points at 29,582 and Nifty gained up 38 points at 8,952 from its previous close. Although, Nifty remained in negative zone for most part of the day and rallied in the closing hour due to short covering and closed above 8950.
In the broader market, the Mid-cap ended down 0.3 per cent while the Small-cap index ended up 0.1 per cent. Market breadth was almost neutral with 1,452 losers and 1,424 gainers on BSE.
Meanwhile, the rupee slid by 45 paise, its worst single-session drop, to close at 61.86 against the greenback on month-end dollar demand from importers and banks on the speculation that the US Fed is considering raising interest rates.
Shares of Realty, Refinery, Healthcare and FMCG sectors were the major gainers of the day. According to analysts, "January F&O expiry induced significant volatility today on benchmark indices with Nifty closing higher in spite of weal global markets and negative breadth."
Among losers, Coal India fell over 2 per cent after government announced plans to sell up to 10 per cent stake on January 30.
Asian stocks ended lower after the US Federal Reserve unexpectedly lifted its view on the economy, signalling that the US central bank remains firmly on track with plans to raise interest rates this year, experts said. HDFC Bank closed up 3.4 per cent after government agreeing to the bank's proposal to sell shares to foreign investors to the tune of Rs 10,000 crore. However, Dr Reddy's Lab ended up 3.7 per cent though the company reported 7 per cent net loss in third quarter.
The gainers: DrReddy's Lab, up 3.74 per cent at Rs 3,359.20; HDFC Bank, up 3.42 per cent at Rs 1,094.30; BHEL, up 2.96 per cent at Rs 287.15; Reliance Industries, up 2.43 per cent at Rs 927.90; and ITC, up 2.01 per cent at Rs 369.70.
The losers: HDFC, down 2.61 per cent at Rs 1,309.55; Coal India, down 2.32 per cent at Rs 375.15; State Bank of India (SBI), down 2.30 per cent at Rs 326.75; Mahindra and Mahindra, down 1.46 per cent at Rs 1,295.25; and ICICI Bank, down 1.02 per cent at Rs 379.95.
Outlook for Friday: Closing session better
Stop loss for Nifty long positions may be trailed to 8825 (on close basis). Nifty spot is expected to encounter resistance at 8990, 9025 and find support at 8910, 8870 for Friday. While global cues, quarterly results and funds flow are expected to guide the market based on the present conditions. On Friday, the market is expected to trade in a zigzag manner in the forenoon session and could remain better in the closing hour.– Dr B Amaranatha Sastry
