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Jul 27, 2012, 12.31 PM IST
Indian equity benchmarks extended gains with the BSE Sensex rising 300 points and Nifty 100 points led by broadbased buying. Buying was seen in most beaten down sectors like metals and banks.
But Vibhav Kapoor of IL&FS feels the upside is capped at 5180-5200 on the Nifty in the near-term. According to him, investors will be quite disappointed if the government doesn't act in a month or so. Moreover, Kapoor says the impact of the weak monsoon has not been fully factored in yet.
Across the board buying helped the market bounce back. Metal and Bankex were up 3% each. Realty, Power, Capital Goods, Oil & Gas, FMCG and Auto rose 1.5-2%.
Country's largest private sector lender ICICI Bank spiked 4% ahead of first quarter numbers. Analysts on an average expect the net profit to grow by 30% year-on-year to Rs 1,730 crore in the quarter. Its rivals State Bank of India and HDFC Bank were up 2% and 3%, respectively.
Top commercial vehicle maker Tata Motors, and metals stocks like Tata Steel, Sterlite Industries and Hindalco topped the buying list with gain of 4%-5%.
Housing finance company HDFC and state-owned oil & gas producer ONGC went up 1% each. Telecom operator Bharti Airtel rallied 3%.
Cigareette major ITC, oil & gas producer Reliance Industries and engineering & construction major Larsen & Toubro climbed 1.7% each.
However, two-wheeler major Hero Motocorp was the only loser among largecaps with loss of 1.5%.
The BSE Sensex and NSE Nifty started off Friday's trade with 1.6% gap up following rally across the globe led by ECB President Mario Draghi's comments on Eurozone.
May 22 2013, 13:11
- in MARKET OUTLOOK
May 22 2013, 10:44
- in Economy