Post Session: Sensex ends 300 pts higher; power, PSU stocks support 30/06/2014

Post Session: Sensex ends 300 pts higher; power, PSU stocks support
30/06/2014 16:38
Driven by strong gains in power and state-controlled banks such as Reliance Infra, Tata Power, Syndicate Bank and Allahabad Bank, the key domestic benchmarks closed higher on Monday. Power stocks rallied nearly 3 per cent on reports that private power producers have made a pitch for pooling the price of domestic as well as imported gas. On the other hand, state-owned banks ended higher on reports that the government has decided to create a holding company structure for them before the Budget amid decline in crude oil prices. Meanwhile, Asian markets closed mixed as investors turned cautious ahead of U.S. and European economic data due this week.

The BSE SENSEX closed at 25413.78 up by 313.86 points or by 1.25 per cent and the NSE Nifty ended at 7611.35 up by 102.55 points or by 1.37 per cent.

During the day’s trade, the BSE Sensex touched intraday high of 25460.96 and intraday low of 25179.55, while the NSE Nifty touched intraday high of 7623.65 and intraday low of 7531.60.

Meanwhile, the BSE MIDCAP closed at 9378.95 up by 173.78 points or by 1.89 per cent, while the BSE SMLCAP ended at 10203.19 up by 180.9 points or by 1.8 per cent.

On the sectoral front, Power and PSU stocks rose 2.88 per cent and 2.62 per cent, respectively.

The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 3286, shares advanced were 2193 while 984 shares declined and 109 were unchanged.

The top gainers of the BSE Sensex pack were Sun Pharmaceutical Industries Ltd. (Rs. 686.25,+3.87%), Tata Power Company Ltd. (Rs. 107.75,+3.81%), Oil And Natural Gas Corporation Ltd. (Rs. 423.70,+3.08%), ICICI Bank Ltd. (Rs. 1418.45,+2.43%), Dr. Reddy's Laboratories Ltd. (Rs. 2615.15,+2.43%), among others.

On the flip side, Bajaj Auto Ltd. (Rs. 2285.00,-1.02%), Mahindra & Mahindra Ltd. (Rs. 1147.90,-0.52%), Maruti Suzuki India Ltd. (Rs. 2438.35,-0.47%), Tata Motors Ltd. (Rs. 431.15,-0.25%), Wipro Ltd. (Rs. 544.95,-0.16%), were among notable losers on BSE.