Nifty closes above 5300 on RIL, ICICI Bk, L&T, SBI support

The benchmark Nifty struggled a lot this week to finally close above the 5300 mark and continued its uptrend for the fourth consecutive day. The Sensex also gained over 100 points, though there was a bit of volatility during the day. European cues were also quite supportive following the strong recovery in the US markets from their day’s low on Thursday.

Among the European markets, CAC, DAX and FTSE were up 0.4%, 1.14% and 0.7%, respectively, at the time of closing of Indian equities. The Dow Jones recouped 118 points from the day’s low and closed 10 points higher on Thursday.

However, Asian markets witnessed some profit booking after seeing run-up in the last few days. Shanghai was down 0.5% and Hang Seng was down 1%. Nikkei was down 0.3% and Kospi fell 0.14%. However, Taiwan rose 0.33% and Straits Times ended flat.

Coming to Indian markets, banking, realty, FMCG, select capital goods and power companies’ shares along with heavyweight Reliance Industries helped the indices to close in the green. However, telecom, metal and cement companies’ shares witnessed selling pressure. Auto and technology sectors were mixed in trade.

The 30-share BSE Sensex closed at 17,694.20, up 120.21 points or 0.68% and the 50-share NSE Nifty rose 0.66% or 34.75 points to settle at 5,304.10. The BSE Midcap Index was up 0.3% and the Smallcap was up 0.5%.

Heavyweight Reliance Industries gained 1.16%, continued in today’s trade as well ahead of its Q4FY10 earnings. CNBC-TV18 was expecting Reliance’s to report profit after tax of Rs 5,280 crore versus Rs 3,546 crore, a growth of 48.9% YoY. The company announced closing of Marcellus Shale Joint Venture with Atlas Energy. In the oil & gas space, ONGC was up 0.3% while Cairn India fell 0.7%.

Banking & financial sector was the main leader ahead of their earnings. Experts believed that banks would report good earnings in Q4. ICICI Bank and HDFC Bank will report their earnings on April 24; CNBC-TV18 expects over 30% growth in their Q4 net profit.

ICICI Bank was up 3.6% and SBI up 1.7%. HDFC Bank, PNB and Axis Bank rose 0.9% each. Today, the government approved Rs 15,000 crore capital infusion for public sector banks in FY11.

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Tags: BSE, Market Updates, NSE

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