Banking sector helps BSE sensex to gain momentum Sensex up by 82 Points

Banking sector helps BSE sensex to gain momentum Sensex up by 82 Points

June 16 Tuesday: Following the weak global trends, the Sensex opened with a negative gap of 87 points at 14,788 and slipped further to a low of 14,622. After the announcement fron Goldman Sach raised their rating on banking industry, the index moved up to touch a high of 15,022, up 401 points from day's low. The index finally ended higher by over 82 points at 14,958.

Goldman Sach expects net income growth for Banking industry to rebound to 32 per cent for the next fiscal, from 1 per cent in the year ending March 31, 2010. All bank stocks performed well.

The banking sector index gained the most, 2.26 per cent, Indusind Bank 17.17 per cent to Rs 82.25, IDBI Bank 10.15 per cent to 111.25 and State bank of India gained 4.5 percent to end up Rs 1,714.

The midcap index rose 2.21 per cent to 5,226.16 and the smallcap index 2.13 per cent to 6,011.36. The National Stock Exchange index Nifty rose by 33.80 points to 4,517.80.

Major Gainers
Mangalore Refineries & Petrochemicals raised by 14% to Rs 95.
Tech Mahindra increased by 13% to Rs 791.

Losers
Reliance Natural Resources slipped 7% to Rs 100.
Reliance Industries, Bharti Airtel and Wipro are the losers.