Sensex closes 242 pts up on GAAR news, lower inflation no.
Benchmarks Sensex and Nifty witnessed a stellar rally before closing with over 1 percent gains each, supported by the twin surprises — inflation falling to three-year low of 7.1 percent in December and GAAR getting deferred to April 2016.
January 14, 2013 / 18:22 IST
Benchmarks Sensex and Nifty witnessed a stellar rally before closing with over 1 percent gains each, supported by the twin reliefs -- inflation falling to three-year low of 7.1 percent in December and GAAR getting deferred to April 2016.
The 30-share Sensex soared 242.77 points or 1.23% at 19906.41, and the Nifty ended the day with 72.75 points or 1.22% gains at 6025.05 points. A positive trade in Europe also aided sentiments.The clarity on GAAR and improving macro scenario boosted mood in sectors including banks (up 1.07 percent), oil & gas (1.58 percent), tech (2.5 percent), realty (5 percent) and metals (+1 percent). Top gainers on the Sensex were ONGC (up 4.28 percent), Infosys (3.59 percent), Jindal Steel (3.34 percent), TCS ( 2.14 percent), and HDFC (1.93 percent).In spite of CPI inflation appearing stubborn and rising rising way above the comfort zone at 10.56%, economists and bankers believed that the Reserve Bank will take notice of the positive December WPI inflation to reduce repo rate by 25 bps in its January 29 policy meet. PNB, Axis, ICICI Bank, SBI and HDFC were the top performing banking counters. Strong buying was seen in realty stocks with DLF rising 7.27 percent, followed by Oberoi Realty (3.61 percent), Pantaloon Retail (3.65 percent), Prestige Estate (4.02 percent), and HDIL (5.80 percent). In the IT space, impending third quarter result of TCS kept interest up. On Friday Infosys had positively surprised the street with its Q3 numbers and since then TCS and other IT names like HCL Tech, Mahindra Satyam have seen handsome gains.After three days of lull, midcaps saw some action with PC jeweler gaining by 10.42 percent. Syndicate Bank, Bajaj Finserve and Unitech were other noticeable micap gainers. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
