The BSE benchmark Sensex on Monday recovered by 101 points led by fresh buying in blue-chips such as HUL, ITC, ONGC and ICIC Bank on better earnings and expectations of monetary policy support by the RBI amid a firming global trend.
Better-than-expected fourth quarter earnings by FMCG major Hindustan Unilever (HUL) on the back of robust sales across various business verticals, boosted the market sentiment.
Shares of FMCG major Hindustan Unilever ended higher by 6.98 per cent. HUL on Monday posted 14.65 per cent increase in its net profit at Rs 787.20 crore for the fourth quarter ended March 31, 2013.
The Sensex resumed higher at 19,306.67 and hovered in a range of 19,428.94 and 19,284.40 before ending at 19,387.50 showing a net gain of 100.78 points or 0.52 per cent from its last weekend’s level.
The NSE index Nifty also rose by 32.65 points, or 0.56 per cent, to 5,904.1.
Brokers said trading sentiment improved on reports of better quarterly earnings by HUL, Hero MotoCorp, ICICI Bank and Maruti Suzuki.
Two-wheeler major Hero MotoCorp jumped by 3.24 per cent despite it reported 4.86 per cent decline in its net profit at Rs 574.23 crore for the fourth quarter ended March 31.
IT stocks bounced back in trade today after hammering last week.
The market received further support on firming global trend as Italy formed a new government and optimism grew that central banks will decide to maintain economic stimulus in their meetings this week, brokers added.
IMF saying the India’s GDP is likely to improve to 5.7 per cent in 2013 and further to 6.2 per cent a year after, also influenced the market sentiment, they added.
FIIs bought shares worth a net Rs 224.75 crore on last Friday as per provisional data from the stock exchanges.
In 30-BSE index components, 19 stocks closed with gains.
The Consumer Durable sector index gained the most by 2.43 per cent followed by FMCG index by 2.30 per cent.