Sensex gains 93 points; SBI races to record high
The Bombay Stock Exchange benchmark Sensex on Friday gained 93 points on fund-based buying in realty, consumer durables and banking stocks amid a mixed trend in overseas markets, with SBI surging to a record high.
The 30-share index touched an intra-day high of 18,260 points before closing up by 93.13 points at 18,167.03. State Bank of India closed at a fresh record high, adding Rs 65.40 to 2,849.40 in the wake of its announcement of strong first quarter numbers on Thursday.
Meanwhile, the broad-based National Stock Exchange Nifty rose by 35.65 points to 5,452.10, after touching a high of 5,476.50 during the session.
Analysts said that the mixed trend in the Asian region and a lower trend in Europe, besides edgy speculators booking profits at every rise of the Sensex, played a major role in checking any major upswing of the bourse.
Private sector lender ICICI Bank spurted by Rs 11.45 to Rs 975.40 after its proposed merger with Rajasthan Bank was given the green signal by the RBI. HDFC Bank shot up by Rs 11.95 to Rs 2,086.90.
Tata Steel rose by Rs 7.25 to Rs 527.05, after posting a first-quarter net profit in 2010 on the back of a revival in demand from automobile manufacturers and engineering companies. Tata Steel had suffered a net loss in the corresponding period a year ago.
After sliding for the last few sessions, the most valuable firm on the Sensex, Reliance Industries, bounced back to record a gain of Rs 6.80 to Rs 979.05.
In the 30-BSE index components, 20 stocks advanced while 10 ended with losses. Realty, banking, consumer durables and refinery stocks lent maximum support to the market.
The realty sector index gained the most by rising 2.31 per cent to 3,675.30, followed by the consumer durables index, which jumped by 1.86 per cent to 5,705.88. The banking index rose by 1.40 per cent to 12,196.08, while the oil and gas sectoral index rose by 0.78 per cent to 10,137.67.
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