Fag-end buying pushes Sensex above 20,000 level - Hindustan Times
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Fag-end buying pushes Sensex above 20,000 level

PTI | By, Mumbai
Sep 30, 2010 05:06 PM IST

Fag-end buying in metal, banking, FMCG and IT stocks pushed the BSE benchmark Sensex 113 points up to end above the 20,000 mark, on sustained capital inflows.

Fag-end buying in metal, banking, FMCG and IT stocks pushed the BSE benchmark Sensex 113 points up to end above the 20,000 mark, on sustained capital inflows.

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Shrugging off the rising food inflation and weak global sentiment, the 30-share barometer of the Bombay Stock Exchange settled at 20,069.12, up 112.78 points, or 0.57 per cent.

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The Sensex, which had dipped below 20,000 level in last session, recorded a net gain of 11.6 per cent during September month, the best monthly gain so far this year.

Cutting-short the two-days of losses, the wide-based 50- share Nifty Index of the National Stock Exchange too moved up by 0.65 per cent to finish at 6,029.95.

Trading session on the Dalal Street was choopy as today was the expiry day for settlement in the derivative segment, analysts said. Sensex fluctuated between a high of 20,114.73 and a low of 19,864.46.

After being under pressure for two trading days and most part of today's session, the bulls returned with gusto in the last hour of the session. Investors were also cautious ahead of judgment over the Ayodhya issue, they said.

"The turnover was huge owing partly to the expiry of F&O contracts," IIFL analyst Amar Ambani said. Losses suffered by oil & gas, consumer durables, auto and PSU stocks were offset by a smart gain on FMCG, financial, IT and metal counters.

HDFC rose 3.2 per cent to emerge as the biggest gainer in the Sensex pack, HDFC Bank by 1.45 per cent, SBI 1.22 per cent and ICICI Bank 0.80 per cent.

Metal stocks were also in demand, with Hindalco rising by 2.61 per cent and Jindal Steel 0.29 per cent. Sterlite, which had plunged over 8 per cent in last trade follwing a Madras High Court order, bounced back and ended 3.28 per cent higher.

In the frontline IT stocks, Infosys rose 0.39 per cent, TCS 0.16 per cent and Wipro 1.61 per cent. ITC rose 2.53 per cent and HUL 0.75 per cent.

"The stunning turnaround came on a day when the total market turnover touched a new record of Rs 2.2 lakh crore," Ambani said.

In the BSE-30 pack, 19 stocks ended with the gains, while 11 scrips closed in the red.

Reliance Industies, which holds the maximum weight in the Sensex, lost 1.28 per cent to close at Rs 986.35. RIL Chairman Mukesh Ambai has been ranked at the top in the list of 100 richest Indians by Forbes India magazine.

R-Infra, controlled by younger brother billionaire Anil Ambani, too was under selling pressure and sank 1.28 per cent. State-run energy major ONGC declined 1.48 per cent and ACC 1.49 per cent, the most in the Sensex stocks.

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