Sensex closes 101 points up on RIL, SBI, SAIL, HUL support
22 April 2010
The benchmark Nifty settled the day with just 24 points gains on support from Reliance Industries, SBI, SAIL, Tata Motors, HUL, ITC and HDFC. The index surged more than 70 points and traded above 5300 during the day on back of buying across sectors. However, in the last one-hour it wiped out over 45 points following weak European cues, especially post Greece worries.
Greece's public deficit for 2009 has climbed up to whopping 13.6% of GDP (gross domestic product). This dragged down Indian markets from day's high as well as put pressure on European markets. FTSE, CAC and DAX fell 0.5-01%, at the time of closing of Indian equities.
Private banking companies' shares following fall in European banks; BNP Paribas, Banco Santander, Barclays and BBVA slipped between 1.5-3%. India's ICICI Bank was down 0.85%, Axis Bank down 1% and HDFC Bank down 0.35%.
Heavyweight Reliance Industries was the real star ahead of its Q4FY10 results. Deven Choksey of KR Choksey Securities said RIL's Q4 numbers were likely to be better. According to him, Reliance's Q4 profit should be around Rs 5,500 crore. The share gained 2%.
Another heavyweight SBI shot up 5.57%. RBI has acknowledged that they are looking into giving more time to banks having different coverage requirements ratios. Bank of America-Merrill Lynch believes that SBI is likely to get extension until March 2011 and reiterated target on the stock at Rs 2,575 over 12 months and Rs 3,200 in 18-24 months, reports CNBC-TV18.
The 30-share BSE Sensex closed at 17,573.99, up 101.43 points or 0.58% and the Nifty settled at 5269.35, up 0.47% or 24.45 points. The Nifty April Futures turned into discount from 11 points premium during the day and ended with 12 points discount, as per provisional data.