Sensex closes at 87.29 points higher

The National Stock Exchange index closed 87.29 points higher on Thursday, much to the delight of stockbrokers and investors.

Mumbai, June 21: The National Stock Exchange index closed 87.29 points higher on Thursday, much to the delight of stockbrokers and investors.

Strong Asian markets helped the domestic bourse sustain the rally in an otherwise choppy trading session at the Bombay Stock Exchange (BSE).

The Sensex was up 58 points or 0.41 per cent at 14470, off the high of 14513.40, while Nifty was up at 4251, just by 3 points, having come off the high of 4269.

Key indices were off highs as investors booked profits in heavyweights like ONGC, ITC and State Bank of India.

Oil and gas and technology stocks however, declined even as capital goods continued their march forward.

Investors seemed happy at the numbers, saying short-term investments would be beneficial.

"I think the market is very good right now and short term investment is a better option," said Jeetendra Shidhwani, an investor.

Attributing the volatility to approaching expiry of June derivatives, brokers said the markets were expected to remain volatile till the end of the series on June 28.

"The international market also got stabilized, new buyers are emerging in the market and this is a plus point. Now we are having a broad-based rally in B2 stocks and B1 stocks in mid caps," said Sharad Goradia, a stockbroker.

"This is a very good sign. Volumes are showing an increase. Now we feel that market should try to cross the earlier highs and if it doesn't at this stage, then the market may come down around 500-600 points," he added.

Engineering construction giant Larsen and Toubro, BHEL, Reliance Energy, HDFC and Hindalco Industries were among the top gainers.

Satyam Computer, Maruti Udyog, ITC, Grasim Industries and Gujarat Ambuja Cements lagged behind.

On the BSE, 1381 shares advanced while 1023 declined.

The NSE saw 629 shares advance and 453 decline.

The BSE Capital Goods Index rose 2.52 per cent or 290 points 11770 on the back of hefty gains in Larsen and Toubro (5.08 per cent).

BHEL and AIA Engineering were also substantially higher.

ANI