Sensex ends at all-time closing high

L&T, HDFC, Infosys, Axis Bank among the top gainers

Key benchmark indices extended gains in today’s trade to end at fresh highs on a closing basis. The 50-share Nifty ended at its highest closing level in 2014 while the 30-share Sensex hit an all time closing high in today’s trade. The positive tone for the market was set in noon trades when European markets started in the green reversing some of its earlier losses.

For the day, the Sensex closed up 36 points at 21,374 and the Nifty gained seven points to close for the day at 6,345.

Earlier in the day, markets had a choppy session with key indices largely in red on account of negative Asian cues coupled with profit booking in heavyweight names like Reliance Industries and TCS. However, in the noon deals investor sentiment was boosted by positive moves in the European markets.

However, there was a bout of selling in the broader markets with both the mid and smallcap indices closing for the day in the negative territory. The smallcap index was down 0.1% and the midcap index gave off 0.5%, both underperforming the BSE benchmark index which was up 0.2%.

On the sectoral front, Capital Goods and Consumer Durables indices up 2% each were the top gainers along with FMCG and Health Care indices gaining 0.1% each.

Auto index down 1% was the top sectoral loser followed by Metal, Oil & Gas, IT and Power indices down 0.2-0.5% .

L&T up 3% was the top gainer among Sensex-30. The stock gained as the company's margins witnessed expansion during the third quarter ended December post the demerger of its hydro carbon business.

Axis Bank, Gail India, Sun Pharma, HDFC, Bharti Airtel and BHEL up 1-2.5% were the other major gainers.

SBI, Infosys, ITC, HDFC Bank, HUL and Wipro gained 0.2-0.7%.
 
On the losing side were Mahindra & Mahindra down 3% along with ONGC, NTPC, Coal India, Hindalco and TCS down 1% each.

Tata Steel, Sesa Sterlite, Bajaj Auto, ICICI Bank, Reliance Industries, Cipla, Tata Motors and Maruti Suzuki down 0.6-0.8% were the other major losers.

The market breadth was negative owing to the weakness in broader markets.,1,453 stocks declined while 1,255 stocks advanced on the BSE.

Smart Moves

Tata Sponge Iron zoomed nearly 15% to Rs 402, extending its past three day’s rally, after reporting a robust 48% year-on-year jump in operating profit at Rs 40.29 crore for the third quarter ended December 31, 2013.

Bharti Infratel was up 2% at Rs 168 after the telecom tower company registered a 62% rise in consolidated profit after tax at Rs 411 crore in the quarter ended 31 December 2013, on higher investment income and lower interest expenses.

Mahindra & Mahindra Financials were down nearly 6% at Rs 240 after third quarter earnings were impacted on account of worsening asset quality and higher provisions impacted profitability.

Rupee

The rupee breached the Rs 62 per dollar mark in early trade due to month end dollar demand from importers. However, the currency appreciated in noon deals to trade at 61.97 to a Dollar.

Global Markets

Asian markets fell after a survey of Chinese manufacturers proved surprisingly soft. The Nikkei stock average reversed early gains to end 0.8% lower after a survey showed manufacturing activity in China, one of Japan’s top trading partners, contracted in January for the first time in six months.

The Nikkei ended 125 points lower at 15,696, breaking below its five-day moving average of 15,738.

Chinese shares listed in Hong Kong posted their biggest loss in three weeks on Thursday, dented by a private preliminary survey that showed factory activity shrank in the world's second-largest economy in January.

The Hang Seng Index fell 1.5% to 22,734 points, its lowest close since Jan. 7. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong sank 2.1%, its biggest daily loss since Jan. 3.

China shares were knocked off two-week highs on Thursday, led by the financial sector after a private preliminary survey showed factory activity shrank slightly in the world's second-largest economy in January.

The CSI300 of the largest Shanghai and Shenzhen A-share listings ended down 0.5% at 2,231.9 points. The Shanghai Composite Index also slipped 0.5% as volumes declined 15% from Wednesday.

In Europe, investors looked to euro zone data to lift their spirits . European shares were virtually unchanged near 5-1/2 year highs in early deals, with the better than expected PMI data offset by China's first drop in factory activity in six months.