Sensex up 51 points; erases initial losses as Hindalco, TCS shine

Sensex staged a comeback as it closed 51 points higher, snapping a four-day downtrend, on buying in pharma, IT and banks amid expiry of current month\'s derivatives contracts.

Published: 30th August 2012 10:02 AM  |   Last Updated: 30th August 2012 05:01 PM   |  A+A-


After losing over 120 pints, Sensex today staged a comeback as it closed 51 points higher, snapping a four-day downtrend, on buying in pharma, IT and banks amid expiry of current month's derivatives contracts.
The BSE benchmark index, which had lost 360 points in last four trading sessions, fell by 123 points in the morning on cautious trading. But in last 30 minutes of trade, the index bounced back sharply to close at 17,541.64, 50.83 points higher than yesterday's close on brisk buying.
Brokers said trading sentiment was bolstered on smooth expiry of August month series in the derivatives segment as traders covered their pending positions and placed business volume of a record Rs 3.33 lakh crore.
In the 30-share Sensex, 21 stocks led by Hindalco Industries (up 2.27 per cent), TCS (1.68 pc), Cipla (1.57 pc) and HDFC Bank (0.98 pc) gained. Nine counters, however, ended with losses led by Gail (2.32 pc) and Maruti (2.13 pc).
"Shares climbed to day's high in the latter half.
Volatility was higher due to F&O expiry. Recovery was prominent in realty and banking. Global markets were, however, muted after weak retail sales data from Japan," said Nidhi Sarswat, Senior Research Analyst, Bonanza Portfolio.
In the broader market, 1,401 stocks rose with realty, healthcare, IT, banks and power leading the charge. Metal, oil & gas and auto stocks were prominent among the 1,327 shares that ended down today.
The 50-share National Stock Exchange index Nifty rose by 27.25 points, or 0.52 per cent to 5,315.05.
All eyes are on the country's first quarter GDP data to be announced tomorrow, said dealers.

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