Sensex edges up ahead of RBI meet; Sun Pharma caps gains
Mumbai: The benchmark BSE Sensex marginally rose by 20.55 today to 27,848.99 as consumer goods stocks gained on hopes that RBI would cut interest rates this week but a slump in Sun Pharma capped index’s gains.
Cautioned prevailed due to disappointing Q4 earnings and monsoon missing forecast date forcing players to keep their commitments restricted, traders said.
Drug major Sun Pharma tumbled 8.99 per cent to close at Rs 878.95 after its fourth quarter earnings came below market expectations.
In volatile movements, the 30-share BSE barometer rose to 27,959.43 in early trade on the back of positive GDP numbers for March quarter, but fell on profit-booking to intra-day’s low of 27,737.58.
Finally, it ended 20.55 points or 0.07 per cent higher at 27,848.99.
Sensex had gained 321.73 points in Friday’s trade at the beginning of the June series in the derivatives segment.
Brokers said buying by funds and other participants to enlarge their portfolios ahead of the RBI’s policy review due tomorrow buoyed the sentiment.
However, the 50-share NSE Nifty after rising to the day’s high of 8,467.15, reacted to slump in Sun Pharma and slipped into the negative terrain and hit a low of 8,405.40 before settling 0.25 point, down at 8,433.40.
Meanwhile, manufacturing sector output jumped to a four-month high in May, an HSBC survey said.
Major gainers were L&T, RIL, HUL, Tata Power, ITC, NTPC, Infosys, BHEL, HDFC, Vedanta, TCS and Tata Steel, helped Sensex to close in positive zone.
However, Bharti Airtel, Tata Motors, ONGC, HDFC Bank, Axis Bank, Hindalco, M&M, Dr Reddy’s, ICICI Bank and Wipro succumbed to profit-booking.
Sectorwise, BSE capital goods gained the most by rising 1.97 per cent, followed by realty (1.61 per cent), FMCG (1.04 per cent), oil&gas (0.69 per cent) and power (0.38 per cent).
Small-cap index, however, ended 0.01 per cent lower, while mid-cap index shed 0.03 per cent.