Sensex surges 351 pts; mkts hopeful of reforms post elections

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sensexMumbai, Apr 17 (PTI) : Snapping three-day losing string, the BSE benchmark Sensex Thursday surged by 351 points as investor sentiment got a boost from better-than-expected fourth quarter earning figures reported by TCS and HCL Tech.

“The markets also took note of S&P report, which stated that it may upgrade India’s outlook if the next government (after the general elections) addresses some of the country’s fiscal and economic challenges on priority,” said Jayant Manglik, President, Retail Distribution, Religare Securities.

In the fifth phase the of general elections to elect a new government, 121 constituencies across 12 states went to polling Thursday.

After a promising start, the BSE 30-share index gradually improved further to settle the day at 22,628.84, a rise of 351.61 points or 1.58 per cent from its previous close.

The gain comes after the index tumbled by 438.10 points or 1.93 per cent in the previous three days.

The 50-issue CNX Nifty of the NSE also bounced back by 104.10 points or 1.56 per cent to 6,779.40, within the striking distance of crucial 6,800-mark.

Buying was seen across-the-board as all 12 sectoral indices closed the day with gains between 0.71-2.79 per cent.

Mid-tier counters also witnessed strong buying support from retail investors, with BSE-Midcap and BSE-Smallcap indices gaining 1.47 per cent and 1.43 per cent, respectively.

Hectic short-covering ahead of expiry of April contract of futures and options next week also helped boosted buying, brokers said. Investors were creating fresh positions in blue-chip available at attractive levels before a long week-end, they added.

Markets will remain closed Friday for ‘Good Friday,’ and reopen on Monday for regular trade.

“TCS was up by 1.23 per cent Q4 FY2014 results, with net profit rising by 48.2 per cent. HCL Tech was up by 0.64 per cent after reporting 59 per cent increase in net profit in Q3FY14,” said Rakesh Goyal, Senior Vice President, Bonanza Portfolio. .

 

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