The stock market rose for the second consecutive session today with the benchmark Sensex climbing 55 points, as funds regained optimism following news that debt-riddled Greece may secure a bailout.
The Bombay Stock Exchange’s 30-share index Sensex settled at 17,558.71 points, higher by 0.32 per cent or 55.24 points.
During the week, Sensex fell 135.49 points.
After opening firm, the barometer surged over 143 points to touch an intra-day high of 17,646.61 level, but pared most the gains in the final hours as investors booked profit at higher level.
Analysts said earnings optimism and positive cues from the US and Asian markets helped the market to gain for the second straight day on news that Greece, whose debt woes had sent global markets tumbling during the week, may secure a bailout from EU and IMF. Greece faces USD 8.5 billion worth bond payments in mid—May.
“Markets did witness some volatility owing to the global factors and F&O expiry. Overall, the mood remained slightly cautious due to mixed earnings from India Inc,” IIFL Vice President Amar Ambani said.
The wide-based 50-share Nifty Index of the National Stock Exchange ended the week at 5,278, up 0.45 per cent.
Auto, realty and banking sectors attracted heavy buying and were among the major gainers, while metal stocks witnessed selling pressure.
Tata Motors touched a year’s high and ended with a net gain of 3.56 per cent on expectation that the auto major will post good numbers. Other auto stocks too saw good buying. Hero Honda was the top gainer among the Sensex companies and rose 3.72 per cent, while Mahindra & Mahindra moved up by 0.38 per cent.
The realty sector celebrated the concession given by the Government and DLF rose 0.65 per cent.
In the 30 blue-chip stocks that make up Sensex, 17 gained, while rest 13 settled in the negative zone.
A good demand was seen in banking stocks, with State Bank of India gaining 1.03 per cent, ICICI Bank rising by 0.59 per cent HDFC Bank advancing 0.64 per cent.
“Market has already shrugged off the Greece debt concern and positive Asian cues helped the indices to extended gains,” CNI Research Chairman and Managing Director Kishor P Ostwal said.