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Sensex, Nifty recover; SBI, L&T, Bharti gain

Posted by sandhyaravii on May 25, 2012

The BSE Sensex and NSE Nifty recouped losses in afternoon trade following recovery in rupee. Even mildly positive opening of European markets helped Indian equities. L&T, State Bank of India, Bharti and BHEL extended somewhat gains.

The BSE benchmark gained 11 points at 16,233 and the NSE benchmark went up 4 points to 4,925. On the global front, France’s CAC, Germany’s DAX and Britain’s FTSE opened 0.3-0.7% higher, though Greece woes still persist.

The Indian rupee recovered 40 paise from intraday low of 55.95 to trade at 55.55, up 10 paise over previous close of 55.65 a dollar.

Country’s largest engineering and construction company by sales Larsen & Toubro and state-owned BHEL gained 0.9% each.

Private steel producers Tata Steel and Sterlite Industries topped the buying list, rising 2% each. Top aluminium company Hindalco Industries went up 1% while JSPL lost 1%.

India’s largest lender State Bank of India moved up 0.8% while its rival HDFC Bank was up 0.4%. ICICI Bank too turned flat after recovery.

Top telecom operator Bharti Airtel was up 0.7% and cigarette major ITC gained 0.3%.

However, shares of Reliance Industries, HDFC, HUL, Bajaj Auto and Cipla were down 0.5-1%. Top car maker Maruti was still down 2%.

In the second line shares, Indiabulls power, TVS Motor, Jain Irrigation and Sintex Industries went up 2-5%. Dishman Pharma shot up 11%.

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