Sensex at 1-month high; gains 110 points

February 24, 2014 10:07 am | Updated November 16, 2021 06:33 pm IST - Mumbai

The BSE benchmark index Sensex on Monday rose by 110 points to close at a one-month high level on increased buying in capital goods and banking stocks despite a weak global trend.

After a weak start, the 30-share index gained 110.69 points, or 0.53 per cent, to settle at 20,811.44 points, a level last seen on January 24.

Brokers said market remained bullish since last week after the government announced several measures to contain fiscal deficit and highlighted diminishing price pressures in its interim budgetary proposals.

The current rally was backed by banking and capital goods sectors on expectations that improving economic growth might boost the corporate earnings, they said.

The broad-based National Stock Exchange index Nifty rose by 30.65 points, or 0.50 per cent, to 6,186.10, after touching an intra-day low of 6,130.80.

Engineering major Larsen & Toubro rose by 2.85 per cent after its subsidiary L&T Infrastructure Development Projects secured FIPB approval for FDI worth Rs 1,000 crore. Power equipment maker BHEL too jumped 3.95 per cent on increased investment buying.

Among banking stocks, Axis Bank rose by 3.96 per cent, ICICI Bank by 0.91 per cent and HDFC Bank by 1.44 per cent, pushing the banking index up by 1.19 per cent to 12,192.66.

In 30 Sensex stocks, 22 closed with gains. Tata Power was the top performer on the benchmark surging by 5.02 per cent after power regulator CERC allowed it to raise tariff and as well as seek compensation of around Rs 330 crore.

Outside the index, ICRA shot up 19.41 per cent to Rs 1,913 after Moody’s made an offer to raise its stake in the credit-ratings agency.

In global markets, Asian stocks lost ground while Europen market opened weak.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.