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BSE Sensex ends 11 points higher in choppy session, L&T shines

The BSE Sensex on Monday inched up another 11 points after a choppy session to stay at an almost three-year high on buying in capital goods stocks, amid inflows from foreign funds and higher Asian cues.

Larsen & Toubro led the gains on the 30-share barometre of the Bombay Stock Exchange after posting a second-quarter profit of Rs 977.51 crore on Friday and maintaining its outlook of a 25 per cent increase in order inflow and 15 per cent growth in sales for FY14.

While Reliance Industries and Infosys also helped the Sensex to rise, it was dragged lower on profit booking in ITC and TCS.

The Sensex got off to a positive start and rose to 20,970.92. It fluctuated in a band of about 200 points before ending at 20,893.89, up 11 points. On Friday, the index added 467 points to 20,882.89, the highest level since November 9, 2010, when it closed at 20,932.48.

The 50-share Nifty of the National Stock Exchange moved up 15.60 points, or 0.25 per cent, to end at 6,204.95.

The SX40 on the MCX Stock Exchange was at 12,398.86, down 17.5 points.

“Despite the volatility, positive bias was seen with market breadth showing strength. Positive data from China and strong global cues have boosted market sentiment,” said Nidhi Saraswat, Senior Research Analyst at Bonanza Portfolio Ltd.

Ten of the 13 BSE sectoral indices advanced, with strong gains in capital goods, realty and metal shares.

Hindalco gained after the Prime Minister’s Office defended the decision on allocation of a coal block to the company.

The Sensex is likely to hit 21,000 this Diwali, driven by robust foreign fund inflow, good quarterly earnings and favourable global cues, say analysts.

Overseas investors bought a net Rs 1,752.98 crore of shares on Friday, according to provisional data on the stock exchanges.

Asian stock markets ended mostly higher as traders continued a buying spree that began last week on bets the US Federal Reserve will continue its monetary stimulus for the world’s largest economy.

Source : http://businesstoday.intoday.in/story/bse-sensex-nse-nifty-trading-on-october-21-2013/1/199836.html

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