Sensex closes 184 points higher, resists pressure from ONGC, ITC (Roundup)
May 20th, 2011 - 7:01 pm ICT by IANS
Mumbai, May 20 (IANS) A benchmark index for Indian equities markets Friday closed with a 184-point gain, braving selling pressure on heavyweight scrips like ONGC and ITC.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,199.96 points, closed at 18,326.09 points, up 184.69 points or 1.02 percent from its previous close at 18,141.4 points.
ONGC’s scrip fell after the government hiked the contribution of upstream oil companies towards fuel subsidies to 38.8 percent for 2010-11, up from the usual 33 percent that such companies are asked to pay.
The loss to oil marketing companies on account of selling fuel and cooking gas was Rs.78,159 crore in the last fiscal. ONGC ended 1.17 percent lower at the BSE at Rs.274.05.
ITC, which reported a 24 percent increase in quarterly net profit fell after traders booked profit on the stock. The scrip ended 1.82 percent down at Rs.185.80.
The 50-scrip S&P; CNX Nifty of the National Stock Exchange shut shop at 5,486.35 points, up 1.07 percent.
Broader markets ended moderately higher with the BSE midcap index closing 0.61 percent up and the BSE smallcap index 0.49 percent up.
Capital goods, auto and healthcare stocks were among major gainers.
According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors sold stocks worth $1.57 million.
Among the gainers on the Sensex were: L&T;, up 3.57 percent at Rs.1,651.90; Cipla, up 3.22 percent at Rs.315.95; Bajaj Auto, up 3.05 percent at Rs.1,330.45 and Tata Steel, up 2.76 percent at Rs.578.35.
There were three losers on the 30 scrip Sensex: ITC, down 1.82 percent at Rs.185.80; ONGC, down 1.17 percent at Rs.274.05 and SBI, down 0.24 percent at Rs.2,322.05.
Asian markets were mostly flat.
The Nikkei of the Japanese stock exchange closed 0.15 percent lower at 9,607.08 points, while Hong Kong’s Hang Seng was trading 0.16 percent up at 23,199.39 points.
The Shanghai Composite index of the Chinese markets closed flat at 2,858.46 points.
European markets, erased its morning session gains and were ruling with a negative bias.
Britain’s FTSE was up 0.09 percent at 5,961.1 points.
Around midday, the French CAC 40 fell 0.2 percent at 4,019.53 points, while the German DAX was ruling 0.38 percent down at 7,330.24 points.
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Tags: asian markets, benchmark index, bombay stock exchange, capital goods, cipla, crore, exchange board, foreign institutional investors, healthcare stocks, japanese stock, marketing companies, national stock exchange, point gain, rs 2, sbi, scrips, sebi, securities and exchange board of india, sensitive index, tata steel