Sensex ends 74 pts up; power, capital goods lead

Mumbai: The BSE Sensex stayed higher for major part of the first session of April, adding more than 70 points amid choppy trade. It gained as much as 126 points intraday, but the fall in European markets post PMI data erased some gains. Even the Nifty managed to hold the 5300 level quite nicely, supported by banks, capital goods, power stocks, and TCS.

The fall in index heavyweight Reliance Industries, India's most valued stock, too limited the upside as brokers expect the company will report lower earnings in Q4FY12. Emkay, in its research report on earnings, said it expects Reliance to post a decline of 35 per cent year-on-year in EBIDTA at Rs 6,372.8 crore and a fall of 25 per cent in net profit at Rs 4,012 crore. The stock lost 1 per cent.

The BSE benchmark rose 73.95 points or 0.42 per cent, to close at 17,478.15 led by 18 components, but the broader markets outperformed benchmarks on Monday. The BSE Midcap and Smallcap indices moved up 1-1.7 per cent. Meanwhile the NSE benchmark gained 22.35 points at 5,317.90.

Prashant Jain of HDFC Mutual Fund is confident that the stage is set for the market to move higher. However, crude prices could play a spoiler, he says.