Sensex up 164 points, ends week with gains for first time in month
MUMBAI: Heavy buying in banking, capital goods and IT bluechips helped the Sensex rebound over 164 points on Friday amid a strong show in global markets, helping the BSE benchmark register its first weekly gain in four weeks.
The 30-share BSE index, which had lost 186.33 points in the previous trading session, recovered 164.11 points, or 0.80%, to end at 20,700.75. Intra-day, it moved between 20,599.91 and 20,725.04 range.
Axis Bank, L&T, ITC and Tata Steel led the 21 Sensex gainers. Bharti Airtel was the biggest among nine laggards.
Friday’s Sensex gain is its fifth rise in six days and drove the index to end 333.93 points higher for the week, which saw optimism over the interim budget announcements. It had shed points in each of the previous three weeks.
The 50-scrip NSE index Nifty regained the key 6,100 level by rising 64 points, or 1.05%, to end at 6,155.45. For the week, the NSE barometer gain 107.10 points.
Brokers said trading sentiment was bolstered on increased inflow of foreign funds into domestic markets amid a firming Asian trend. Higher opening in European indices also helped.
“Positive data from the US triggered renewed buying in IT stocks. TCS, Wipro, HCL Tech and Infosys were all in the green. HCL Tech was up on buzz company’s promoter Shiv Nadar is planning to exit the firm,” said Rakesh Goyal, senior vice-president, Bonanza Portfolio. However, HCL Corp, which controls HCL Tech, later denied any such plan.