Financials News

Sensex rises by 338 points as IT, banking stocks gain

Sensex rises by 338 points as IT, banking stocks gain

Mumbai: The benchmark BSE Sensex rose by 338.90 points to 36,389.34 in late morning session on buying in banking, financial, IT and auto stocks ahead of the tabling of the Economic Survey in Parliament. The broader Nifty was trading above 11,150-level.

The beginning of February series saw sustained buying led by IT, metal, auto, teck, bank, finance, consumer durables, energy and basic materials sectors. The 30-share index surged to all-time high of 36,410.60 in morning session while Nifty scaled record high of 11,161.

However, profit-booking in telecom, FMCG, Oil and Gas, healthcare and utilities segments pulled back the indices from record levels.

The 30-share index was trading higher by 338.90 points or 0.94 per cent at 36,389.34 1100 hrs. The broader Nifty was trading at 11,156.95, up by 87.30 points or 0.79 per cent.

Major gainers were Maruti 3.89 per cent, TCS 2.86 per cent, Tata Steel 2.15 per cent, Kotak Bank 1.97 per cent, Infosys 1.96 per cent and ICICI Bank 1.95 per cent.

Laggards included Dr Reddy 4.27 per cent, Bharti Airtel 2.75 per cent, ITC 1.50 per cent and ONGC 1.08 per cent. Foreign portfolio investors (FPIs) bought shares worth Rs 937.31 crore on net basis while domestic institutional investors (DIIs) sold equities to the tune of Rs 965.67 crore last Thursday, provisional data showed.

Asian markets were mixed after several stocks gave up gains from upbeat openings that tracked Friday’s rally on Wall Street. US stocks surged on Friday.

A reading of fourth-quarter gross domestic product came in slightly softer than expected but was viewed by investors as healthy enough to perceive that the economy is on firm footing.

PTI