Thaindian News

Mumbai, May 13 (IANS) A benchmark index of Indian equities markets Friday slipped from its intra-day highs but still closed 195 points higher, as traders covered short positions and state assembly poll results came in.

The electoral victory in West Bengal, Assam and Kerala of the Congress party and its allies helped boost trader sentiments as it allayed fears of political uncertainty at the centre.

Also news of the loss of ally DMK in the Tamil Nadu state elections was welcomed by market analysts, as the party would not be able to exert as much influence on investigations pertaining to the 2G spectrum scam and hold the federal government to ransom.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,362.45 points, closed at 18,531.28 points, up 195.49 points or 1.07 percent from its previous close at 18,335.79 points.

It had moved up to an intra-day high of 18,724.54 points.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange shut shop higher at 5,544.75 points, up 1.07 percent.

Broader markets ended in the green too, with the BSE midcap index closing 0.85 percent up and the BSE smallcap index 0.39 percent up.

FMCG, metal, healthcare and auto stocks were among top gainers. All 13 sectoral indices on the BSE closed in the positive.

The market breadth was tilted towards the positive with 1,582 stocks advancing, 1,187 on the decline and 148 unchanged.

Among the gainers on the Sensex were: Jaiprakash Associates, up 3.12 percent at Rs.87.55; ITC, up 3.1 percent at Rs.189.50; Hero Honda, up 2.48 percent at Rs.1,795.50 and Jindal Steel, up 2.43 percent at Rs.642.70.

The sole loser was Reliance Communications, which closed 0.49 percent down at Rs.90.85. Infosys and HDFC closed on a flat note.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors sold stocks worth $195.71 million Friday.

Asian markets ended a mixed bag.

The Nikkei of the Japanese stock exchange was ruling 0.7 percent lower at 9,648.77 points, while Hong Kong’s Hang Seng closed 0.88 percent up at 23,276.27 points.

The Shanghai Composite index of the Chinese markets moved up 0.95 percent to close at 2,871.03 points

European markets rose after traders cheered better than expected economic data from Germany and commodity stocks rose after prices of natural resources like oil recovered somewhat after a steep fall earlier this week.

Britain’s FTSE was up 0.7 percent at 5,986.61 points.

Around midday, the French CAC 40 was trading 0.54 percent higher at 4,045.02 points, while the German DAX was ruling 0.33 percent up at 7,468.64 points.