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Sensex at its 19 month’s high

This article was posted on Dec 29, 2009 and is filed under Market News

Today, Sensex mange to close at 17401.56, ending at its 19th month’s high. Nifty on the other side, touched 5214, ending 9.55 points higher, making a its new 2009 high.

The day began on a strong note, with the NSE Nifty touching a new high for the year early in the morning. However, shortly the key indices lost steam and hit the day’s low. Indices made several attempts to go higher, but it go hold of some resistance every time. Markets saw some profit booking in its last half an hour, Nifty felt nearly 30 points from its days high before closing.

Financial stocks led gainers, with investors keen on the sector’s outlook in a growing economy despite the hurdle of expected tightenings in monetary policy from next month.

Top private lender ICICI Bank rose 1.7 per cent to Rs 877.65 and top lender State Bank of India rose 0.1 per cent to Rs 2,220.85. Mortgage lender Housing Development Finance Corp rose 1.25 per cent to Rs 2,685.10.

NMDC gained 2.8 per cent to Rs 425.75. The government said it planned to sell an 8.4 per cent stake in a follow-on offer in the state-run miner before the end of March, which would raise about $3 billion based on current market values.

Among the BSE sectoral indices, Consumer Durables, Power and Metal indices were up 0.6-1%. BSE Banking, Capital Goods and PSU indices posted moderate gains. Pharma was a big loser after reports that top drugmakers will be asked to pay hefty sums for overcharging. IT and Realty shares were also soft.

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