Markets end higher led by metals, FMCG

Nifty up 65 points

The markets closed for the week with the Sensex up 215 points at 16,855 and the Nifty closed up 65 points at 5,108 (provisional)
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(Updated at 14:35)

Markets trimmed gains in afternoon deals with the Sensex up 153 points at 16,794. Nifty was up 42 points at 5,086 after the key European markets opened in the red. Earlier in the day, the BSE benchmark index saw a high of 16,975.

 

Meanwhile, the broader markets corrected after initial gains. The midcap and the smallcap indices lost 0.3% each, underperforming the Sensex. 

In Asia, markets jumped as a pledge from the European Central Bank to keep the euro zone intact and Samsung Electronics Co.’s record profit buoyed sentiment. Hang Seng jumped 2%. Nikkei gained 1.5% while Kospi and Taiwan markets surged over 2% each.

The European markets opened mixed.CAC, DAX and FTSE started in the red, down 0.1-0.5%.

Among the sectoral indices, BSE metal index was the top gainer, up 2% followed by FMCG, IT, Bankex and consumer durables indices up around 1% each.

Shares of public sector undertaking  banks are under pressure in noon trades bourses after reporting weak set of financial numbers for the quarter ended June 2012 and asset quality concerns.Union Bank of India has plunged 9% to Rs 163 on reporting deterioration in asset quality in the June quarter.Punjab National Bank has tanked 5.3% at Rs 716 after the bank said the gross NPA in June quarter went up to 3.34% from 2.93% in March quarter

Metal shares shone with Sterlite and Tata Steel gained 3% each. Hindalco added 2.6%.

The other notable gainers included Tata Motors, HDFC Bank, ICICI Bank and ITC which advanced 3% each. ICICI Bank gained after the private sector lender reported a better-than-expected 36% year-on-year growth in net profit at Rs 1,815 crore for the quarter ended June 2012, on back of higher interest income.

Market heavyweight - Reliance, moved up 1.4% at Rs 720.On the other hand, SBI, Hero MotoCorp, BHEL lost 2% each. Bajaj Auto and Cipla slipped 0.2-0.4%

BSE market breadth was negative. Out of 2,772 stocks traded, 1,468 stocks declined while 1,171 stocks advanced on the BSE.