Financial shares led the markets high; Sensex at 20634 - Stock Market Pulse

Financial shares led the markets high; amid GDP growth forecast

Markets closed higher gaining for the straight fourth day. Market after opening flat gained momentum led by banking and financial shares. High growth forecast in the last two quarters led the sudden buying surge in the financial shares. The S&P BSE Sensex closed higher by 170 points or 0.83 percent to 20634. After opening almost flat at 20457 it touched a low of 20436 and a high of 20685. The CNX Nifty also rose nearly by 54 points or 0.89 percent to 6,127.10. It had touched a high of 6141 and a low of 6066 in the intraday.

In the sectoral front, Bankex index surged the most by 2.34 percent. Capital Goods index rose by 2.09 percent. Power and Metal index also gained between 2-1 percent. Auto index gained nearly 1% percent and Realty and Consumer Durables advanced by 0.6-0.5 percent. Healthcare index ended up by 0.22 percent. However FMCG index fell marginally by 0.28 percent while Oil & Gas and IT index ended almost flat with negative bias. Even the broader markets closed in line with benchmark index. Mid-cap index closed up by 0.71 percent and Small-cap index gained by 0.80 percent.

In the index gainers list was led by banking and financial shares. Axis Bank spurted by 4.42 percent. HDFC, ICICI Bank surged between 3-2 percent SBI and HDFC Bank rose by 1.74 and 1.54 percent each. Maruti Suzuki Tata Power and L&T surged between 3-2 percent. Tata Steel, BHEL and Tata Motors also gained between 2-1 percent. Mahindra & Mahindra and Hindalco Industries gained by 0.74 and 0.71 percent. Infosys, Sesa Sterlite, Dr Reddys Lab, Hindustan Unilever, Sun Pharma, Reliance Industries, NTPC and Hero MotoCorp were the other index gainers.

In the index losers list, Gail (India) slipped by 1.45 percent. Bharti Airtel and ITC declined by 0.95 and 0.80 percent. Wipro, Coal India and Cipla fell between 0.7-0.5 percent each. While TCS, ONCG and Bajaj Auto closed marginally weak.

Today market breadth was firm positive. Of the 2819 shares traded, 1419 shares advanced and 1218 shares declined. While 182 shares remained unchanged.

Tags – Financial shares, Market Pulse, Stock Market Pulse

Financial shares led the markets high; Sensex at 20634
http://www.stockmarketpulse.net/2014/02/18/financial-shares-led-markets-high/