Sensex trims gains as telecom, banking stocks falls

  • Sensex trims gains as telecom, banking stocks falls

Sensex trims gains as telecom, banking stocks falls

The 30-share BSE Sensex today ended over 100 points up at a record high of 33,147 and 50-share NSE Nifty ended at 10,343.

Both indexes posted their biggest weekly gain in two.

The index had slipped to a low of 32,804.60 points during the trade session. According to market observers, an exponential rise in scrip of PSBs, a day after the Government announced a massive recapitilsation scheme lifted the key indices.

Capital goods, power, metal, health care and FMCG gained by up to 0.78 per cent.

Sensex surged over 500 points to hit a new high of 33,117 while the Nifty surged to a record 10,340.

"Markets zoomed higher on Wednesday to close at new life highs".

After closing at the record high, markets on Friday opened in green over positive global cues.

Nifty PSU bank, Media and Metal stock were the top most gainers for the week, while Pvt Bank and IT were lossers.

A healthy inflow of foreign funds and a strengthening of the rupee's position against the USA dollar kept the market trajectory northwards throughout the session.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 375.63 crore yesterday, as per provisional data released by the stock exchanges.

On the currency front, the rupee strengthened by 16 paise to close at 64.89-90 against the U.S. dollar from its previous close at 65.06.

On the other hand, ICICI Bank (2.96%), Bharti Airtel (2.26%), Wipro (1.37%), Hindustan Unilever (1.00%), State Bank Of India (0.97%), and Coal India (0.38%) were the major losers in the Sensex.

Banking stocks led by Punjab National Bank, Axis Bank, IndusInd Bank, YES Bank, Kotak Bank and HDFC Bank rose up to 5.60%, as investor sentiment remained upbeat over the government's Rs 2.11 lakh crore recapitalisation plan for public banks.