Sensex up 82 points

Mumbai: Contrary to the global weakness, the benchmark sensex today not only recovered early sharp losses of nearly 261 points, but recovered later and closed higher by over 82 points at 16,152.75 on strong Q4 results announced by the state-owned banking major SBI.

As a result, ICICI Bank, HDFC Bank, BoI, Federal Bank, IDBI, Kotak Mahindra Bank, Union Bank and Yes bank closed with gains between 0.93 pct and 2.90 pct. The sectoral BSE-Bankex was the top gainer from the sectoral indices with a rise of 1.75 pct. SBI, ICICI Bank and HDFC bank together added about 65 points to the sensex rise. FMCG counters were also in demand after weather department early this week forecast that the southwest monsoon will arrive in time while BSE-Auto and BSE-CG suffered losses.

Country`s largest lender State Bank of India (SBI) today reported a forecast beating net profit of Rs 4,050 crore for the fourth quarter (Jan-March) of FY12 as against Rs 21 crore a year ago, aided by higher interest income and lower provisioning for non-performing loans. Analysts on an average had expected profit at Rs 3,580 crore. Net non-performing asset (NPA) also declined.

SBI was the top gainer from the sensex pack with a surge of 5.08 per cent. The Bombay Stock Exchange 30-share barometer resumed remarkably lower and registered 19-week low of 15,809.71, before bouncing back on excellent SBI Q4 results to settle at 16,152.75, a net rise of 82.27 points or 0.51 per cent.

Similarly, the NSE broad-based Nifty also touched a low of 4,788.95, before recovering to settle at 4,891.45. Meanwhile, retail inflation spurted to double digit mark to 10.36 per cent in April from 9.38 per cent in March. Asian shares fell steeply on euro-zone debt worries after more signs emerged of growing instability among Spanish banks and political turmoil in Greece, with the latest sluggish economic data from the United States adding to the list of risks for investors. Key benchmark indices in China, Hong Kong, Japan, Singapore, Taiwan and South Korea settled down between 1.3 pct abd 3.4 pct.

Fears of exit of Greece from Euro zone amid downgrading 16 Spanish banks by ratings agency Moody`s yesterday weighed on the global stocks. In Europe, the FTSE was trading lower while the DAX and the CAC recovered their early losses and were quoting in positive terrain. Among the 30 Sensex stocks today, 19 scrips ended with losses while 11 finished with gains.

Other gainers from the sensex pack were Sterlite Ind (2.38 pct), Icici bank (2.26 pct), NTPC (2.22 pct), Gail India (2.12 pct), ITC (1.85 pct), Jindal Steel (1.80 pct), M&M (1.23 pct) and ONGC (1.04 pct). However, Tata Motors fell by 4.06 pct followed by Maruti Suzuki 3.31 pct, Bajaj Auto 2.63 pct, BHEL 2.09 pct, Tata Steel 1.48 pct, Coal India 1.08 pct and Hero Motocorp 1.03 pct.

Among the other sectoral indices the BSE-FMCG rose to 1.14 pct, the BSE-PSU 0.79 pct and the BSE-Oil&Gas 0.58 pct while the BSE-Auto fell by 1.90 pct and the BSE-Capital Goods 0.53 pct. The market breadth continued to remain negative as 1,464 stocks ended in red while 1,228 stocks finished in green. The total turnover of the market shot up to Rs 2,024.18 crore from Rs 1,804.73 crore on Thursday.