Both the domestic benchmarks of Indian Stock Market ended the last trading session of the week on a robust note.Both NSE BSE broke nine-day losing streak and ended on a positive note as buyers turned active by strong buying in the Banking and Auto sectors.
Negative cues from global peers were discounted by investors as sharp decline in commodities boosted sentiments.
The BSE Sensex closed at 18,518.81 up by 308.23 points or by 1.69% and NSE Nifty closed at 5,551.45, higher by 91.60 points or by 1.68%.
Crude oil continued to slip lower extending over-night losses and correction was also seen base metals like copper, aluminium, zinc etc. According to analysts, this is likely to have some positive impact on equities which are under pressure on concerns of rising inflation.
During the morning trade, Asian stocks traded weak tracking the overnight fall in the US market. Further, the sentiment was dampened in Asia after the inflationary concerns spread in Philippines and Malaysia.
In the sectoral front, the Banking (+3.71%) and Auto (+3.13%) space were the star performers of the session. Strong buying was also seen in sectors like IT, Realty and Capital Goods, which gained by 1.84%, 1.45% and 1.30%, respectively.
On the macroeconomic front, due to the downfall witnessed in the prices of pulses, the food inflation of the week ended April 23, 2011 eased at 8.53%. The previous week witnessed food inflation of 8.76%.
On the corporate front, shares of telecom major Bharti Airtel Ltd tumbled 1.92% to Rs 350.75 following reports that the consolidated net profit of the company slipped 31% to Rs 1400.70 crore on y-o-y basis.
Both the Nifty and Sensex traded in the positive region throughout the session and finally closed near their respective intraday highs. Among the Sensex pack, 24 stocks ended in positive while only 6 stocks ended in the negative terrain. The overall market breadth also remained strong, as out of total 2,929 stocks traded on BSE, 1,632 stocks advanced, whereas 1,174 stocks declined and 123 stocks remained unchanged.
The BSE Midcap was at 6,863.78, up by 63.12 points or by 0.93% and the BSE SmallCap closed at 8,342.58, lower by 55.51 points or by 0.67%. The BSE Sensex touched intraday high of 18,568.48 and intraday low of 18,271.68.
The top gainers of the BSE Sensex pack were Tata Motors (Rs. 1202.10, 5.75%), ICICI Bank (Rs. 1079.00, 4.93%), Hero Honda Motors (Rs. 1770.00, 4.25%), HDFC Bank (Rs. 2313.00, 4.18%) and Bharat Heavy Electricals (Rs. 2055.00, 2.84%), among others.
The top losers of the BSE Sensex pack were Bharti Airtel (Rs. 349.50, 2.27%), Reliance Infrastructure (Rs. 604.80, 1.91%), Sterlite Industries (Rs. 167.50, 1.53%), Oil and Natural Gas Corporation (Rs. 305.60, 1.13%) and Hindalco Industries (Rs. 200.70, 0.47%).
