Mkt ends high; SBI up 2.5%

Mumbai: Markets ended at record closing highs on Friday as inflation eased further in October raising hopes of rate cut. Thus rate sensitive stock like banks, realty, metal and refinery counters lifted the indices.

Also continuous inflow of capital from foreign funds and raising earnings of bluchips further helped in consolidating the investor sentiment.

While Sensex raised 106 points to end at 28,046 and Nifty gained 32 points to close at 8,389. The broader buying is seen in all the sectors expect healthcare and FMCG. Both mid and smallcap indices closed up at 0.5 per cent.

Among banking stocks, SBI raised 2.5 per cent, Band of Baroda 1.5 per cent, while HDFC Bank gained 1.5 per cent. Even metal stocks have some good buying stars like JSPL and Hindalco share prices increased by 3 to 4 per cent.

The Sensex gainers: Hindalco, up 3.59 per cent at Rs 157.40; Coal India, up 2.63 per cent at Rs 356.50; State Bank of India (SBI), up 2.55 per cent at Rs 2,788.45; GAIL, up 2.50 per cent at Rs 489.10; and ONGC, up 2.05 per cent at Rs 393.35.

The Sensex losers: Cipla, down 2.45 per cent at Rs 608.85; Sun Pharma, down 2.43 per cent at Rs 886.50; Dr Reddy's, down 1.27 per cent at Rs 3,431.85; Hindustan Unilever, down 1.05 per cent at Rs 757.25; and Tata Motors, down 0.47 per cent at Rs 523.80.


Forenoon better
Nifty has been moving in a narrow range of 8300 and 8420 for the last eight trading sessions and a clear breakout / breakdown appears imminent in a day or two. If it closes above 8400, it may go up to 8500/8550. While short term trend continues to remain positive and stop loss may be continued at 8300 (on close basis). Nifty spot is expected to encounter resistance at 8430, 8465 and find support at 8350, 8315 for Monday. Global cues and funds expected to guide the market on the present market conditions which may be generally better in the forenoon session. -Dr B Amaranatha Sastry