The Hindu Business Line : Sensex gains 47, but truckers' strike weighs on market

EVEN as receding crude oil prices in the global market and passing of the Finance Bill helped maintain an upbeat sentiment, corporate India's concerns over the ongoing truckers' strike may dampen sentiment, say stockbrokers.

"Going forward, the strike, which is already driving up food prices and factory costs, could hit industrial output. A number of companies have openly expressed their concern over production being adversely impacted," said a broker.

The strike by truckers, which is into its sixth day, served as the only blot on what was clearly a positive day. The market held firm, with very little volatility, despite it being the day of expiry of the August futures contracts. Dealers said a substantial amount of contracts in the F&O segment was rolled over to the next month.

Indicating its comfort levels, the BSE Sensex ended at 5135.45, up 46.89 points from its previous close of 5088.56.

The NSE Nifty gained 15.05 points to end at 1610.75 over its previous close of 1595.70. The Sensex has gained more than 100 points in the last three trading sessions on the back of crude oil prices coming off their record high at $49.50.

Refinery, power, aluminium, banking, pharma and even select FMCG and auto counters witnessed sustained buying interest on Thursday. While shares of TCS ended marginally lower, it remained one of the top five scrips by turnover on the BSE at Rs 220 crore.

Paper stocks were in the limelight following talk of rise in paper prices. Dealers said that going forward market may take its cue, post-announcement of the Government data on inflation to be released on Friday.

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