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| Markets end at 10-week closing highs |
| SI Reporter / Mumbai Jan 24, 2012, 15:31 IST |
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Benchmark share indices ended at their 10-week closing highs on Tuesday, after the Reserve Bank of India's decision to boost liquidity by lowering the cash reserve ratio would help revive growth.
The 30-share Sensex provisionally ended up 210 points at 16,961 and the 50-share Nifty ended up 68 points at 5,114
On November 14,2011, the Sensex had ended at 17118.74 and the Nifty at 5,148.35
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(Updated at 14:29 hrs)
Markets continue to maintain the strong momentum after the announcement of Monetary Policy with the Sensex and the Nifty gaining by nearly 2% each.
At 1430 hrs, the Sensex zoomed 250 points at 17,003 and the Nifty gained 83 points at 5,130 levels.
On the global front, Japan's Nikkei ended marginally higher on hopes that a Greek debt deal may still be salvaged. Meanwhile, the European markets have opened lower. France's CAC, Germany's DAX and Britain's FTSE have fallen by nearly 0.5% each.
Back home, BSE Bankex is leading the strong rally after the CRR cut of 50 bps by the RBI. SBI is the top Sensex gainer, up by nearly 5%. ICICI Bank, HDFC Bank and HDFC have gained between 1-4%.
From the Capital Goods space, L&T has gained by almost 5% after the Reserve Bank of India (RBI) has cut the cash reserve ratio by 50 basis points and injected Rs 32,000 crore into the system to ease liquidity.
Metal stocks like Tata Steel, Hindalco, Jindal Steel and Sterlite have gained between 1-4%.
From the technology segment, Infosys, Wipro and TCS have gained by nearly 1% each.
Index heavyweight RIL has gained by nearly 2% after plunging by nearly 3% yesterday on reporting disappointing numbers in the quarter ended December 2011.
Among other frontliners, M&M, Tata Power, ITC, Tata Motors, Hero MotoCorp, DLF, Bharti Airtel and Wipro have gained between 2-3%.
However, Maruti Suzuki, HUL, Grasim, Sun Pharma and GAIL have underperformed others Sensex top 30 stocks.
The broader markets are under performing the benchmark indices but continue to maintain positive trend, gaining by nearly 1%.
Bajaj Steel has frozen upper circuit of 20% at Rs 112 after reporting over five-fold jump in net profit at Rs 5.89 crore for the third quarter ended December 2011 compared to Rs 1.12 crore in the corresponding quarter of previous fiscal.
Ceat has tanked 6% post disappointing performance in Q3. The company's net profit fell 57% to Rs 2.4 crore (q-o-q).
Yes Bank has shot up 5% as its Q3 net jumped 33% to Rs 254 crore (y-o-y).
Infra stocks like GMR Infrastructure, IRB Infrastructure, Sobha Developers and HDIL have rallied 6%.
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