Markets end positive

Nifty closes above 8450, IT stocks gain

Mumbai: Markets gained firm following the increased share prices of blue chips like HDFC, TCS and ONGC, while the benchmarking indices finished the week on an upbeat note. Sensex was rallying 148 points on Friday to 27,957 and Nifty was up 38 points to 8459. However, the broader markets performed dull with midcap and smallcap indices close flat.

Brokers anticipate that the volatility to continue as the derivative contract for May series to expire on Thursday. On sectorals, IT, pharma, capital goods, refinery and tech counters attracted heavy buying while shares of consumer durable, banking, realty and metal sectors witnessed profit-booking.

While HDFC, TCS, and Sun Pharma gained about 2 per cent, while L&T, BHEL, Tata Motors and ONGC reported about 1 per cent growth each. However, other bank stocks including ICICI Bank and HDFC Bank closed on a flat note. In the IT space, TCS, Tech Mahindra and HCL Tech gained about 1 per cent each.

On the other hand cement stocks reported in the red with Grasim, Ultra Tech, ACC and Shree Cement shares closed down. Analysts say that the FIIs buying is main reason for improving sentiment, however, they cautioned that the fundamental concerns like growth, corporate results still no so supportive to the markets.

The gainers: HDFC, up 2.51 per cent at Rs 1,287.50; Tata Consultancy Services (TCS), up 2.42 per cent at Rs 2,619.55; Sun Pharma, up 2.29 per cent at Rs 1,003.30; ONGC, up 1.53 per cent at Rs 322.45; and Larsen and Toubro, up 1.04 per cent at Rs 1,651.

The losers: State Bank of India (SBI), down 2.38 per cent at Rs 282.45; Hindalco Inds, down 1.30 per cent at Rs 137.15; Vedanta, down 0.67 per cent at Rs 207.45; Wipro, down 0.66 per cent at Rs 560.65; and Tata Power, down 0.59 per cent at Rs 75.75.