Sensex ends FY'13 on a positive note, up 131 pts at 1-wk high

The BSE benchmark Sensex closed the 2012-13 financial year on a positive note with the index today jumping by 131.24 points to one-week high of 18,835.77 helped by heavy buying in ICICI Bank, Infosys, L&T, ITC and ONGC shares, amid settlement of monthly derivative contracts.
After opening flat, the 30-share Sensex hit a new four-month low of 18,568.43 in the first hour of trade on weak Asian sentiments on concerns over the European debt crisis.
A wave of buying in metal, capital goods, consumer durables and PSUs during last half hour of trade helped Sensex end at 18,835.77, a rise of 131.24 points or 0.7 per cent. This is its highest closing since 18,884.19 on March 20.

The CNX Nifty of NSE also improved further by 40.95 points or 0.73 per cent at 5,682.55.
Banking counters from Sensex like ICICI Bank, HDFC Bank and SBI notched handsome gains between 1.04-2.37 per cent and contributed almost 65 points to the Sensex kitty.
Other index component like Infosys, ITC, L&T, ONGC, TCS, Gail and CIL were also in demand. Tata Steel, Sterlite Ind and Hindalco gained in 2-4 per cent range.

"Metal stocks have seen a big fall over the last few months And today, the sector witnessed smart buying. Such type of interest also shows that the market may be expecting revival of demand for metals over the coming months," said Milan Bavishi, Head Research, Inventure Growth and Securities.

Brokers attributed late recovery in share prices to frantic short-covering by on the last day of derivative contracts. Bucking the trend, RIL continued its losing streak for yet another session and lost 1.24 per cent. Tata Motors shed 2.16 per cent and Bharti Airtel declined by 1.77 percent.
Buying was seen in second-line stocks with the S&P BSE-Midcap and S&P BSE-Smallcap indices outperforming Sensex, gaining 1.46 per cent and 1.32 per cent respectively.
The Sensex has gained 1,431.57 points or 8.23 per cent in 2012-13 fiscal. The BSE and NSE will remain closed tomorrow, March 29, on account of "Good Friday".