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Business EconomyPosted at: Jul 31 2015 5:17PM


Sensex soares by 409.21 pts, 1-wk-high

Mumbai, Jul 31 (UNI) Extending the rally for the third straight session, the BSE Sensex shot up today by 409.21 points to end positive at 28,114.56, a one-week-high, on brisk buying in select stocks such as FMCG, Realty, FMCG, Power and Auto stocks. The Nifty of National Stock Exchange (NSE) advanced by 111.05 points to 8,532.85. The day opened on a stronger note, as the Sensex went up by 109 points to 27,814.51. The index jumped by 455.82 points to hit the day's high of 28,161.17 in late trade, before closing at 28,114.56 as compared to its previous close. The Nifty recorded day's high and low at 8,548.95 and 8,448.00 respectively. The sectoral indices that rose were FMCG, Health Care, IT, Auto and Bankex advanced, while Oil & Gas declined that capped its further gain, brokers said. Scrips of SBIN, Coal India, Lupin and ICICI Bank increased, while BHEL, NTPC, Tata Steel and Bajaj Auto slipped. Shares of state-run banks and pharma stocks led rally as key benchmark surged on the last trading session of the week. The rally materialized after the Department of Industrial Policy & Promotion (DIPP) issued a notification yesterday, introducing composite caps for simplification of the foreign direct investment (FDI) policy for attracting foreign investments in the country. However, DIPP has clarified that foreign portfolio investment by FIIs/FPIs/QFIs will remain at 49 pc of the total paid up capital for private sector banks. In the defence sector, foreign portfolio investment will remain at 24 per cent of total paid up capital of the company. Portfolio investment in the defence sector will be under automatic route. Shares of Dr Reddy's Laboratories edged higher, with the stock extending gains registered yesterday triggered by good Q1 earnings. Foreign portfolio investors sold shares worth net Rs 170.68 crore, while domestic institutional investors (DIIs) bought shares worth net Rs 499.65 crore yesterday, a data released by the stock exchanges stated. The BSE Mid-Cap index advanced 114.62 points to 11,273.02. The BSE Small-Cap index increased 106.92 points to 11,830.80. Both these indices underperformed the Sensex. The market breadth was positive as 1,655 shares rose and 1,215 fell while 131 were unchanged on BSE. A total turnover on BSE amounted to Rs 3,886 crore, compared with a turnover of Rs 3359.07 crore registered during the previous trading session. MORE UNI NV SS NP1711
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