Sensex, Nifty end at 2016 closing high; infra up 9 pct

The market on Thursday ended with stellar gains with the benchmark indices and Bank Nifty closing at a 2016 high.

The Nifty ended the May F&O series at 8070, up 134.75 points or 1.7 percent while the Sensex was up 485.51 points or 1.9 percent at 26366.68.

Larsen and Toubro gained 14 percent beating its record of seven years. Capital goods index climbed nine percent.

ONGC's fourth quarter profit and revenue beat analysts' expectations but operational performance was a miss. Profit increased more than 3-fold to Rs. 4,416 crore while revenue declined 11.4 percent to Rs. 16,385 crore compared to preceding period.

The state-run oil and gas explorer's Q4 profit was expected to be in range of Rs. 1,500-2,500 crore in Q4 against Rs. 1,286 crore in Q3. Revenue was seen falling 15 percent to Rs. 15,682 crore compared to preceding quarter.

Shree Cement's January-March quarter earnings matched analysts' expectations on Thursday with profit rising 86.5 percent to Rs. 223.3 crore compared to year-ago period, driven by power business. Higher other income also boosted bottom line.

Revenue increased 28 percent to Rs. 2,017 crore year-on-year, led by both businesses (cement and power) but operationally power segment was strong and not cement.

Cement business grew by 23 percent to Rs. 1,801.4 crore with loss of Rs. 38.65 crore at EBIT level (against loss of Rs. 36.67 crore YoY) while power segment registered a whopping 44 percent growth at Rs. 426 crore with EBIT rising 86 percent to Rs. 220.6 crore.