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Friday close: Sensex up by 516 points

The 30-share Sensex, which commenced the day higher, adds 516.19 points to close at 14,564.53, a level not seen since August 5.

business Updated: Aug 29, 2008 17:11 IST

The benchmark Sensex today rose by handsome 516 points, the biggest rise in four weeks, on good buying support sparked by a decline in inflation.

The 30-share Sensex, which commenced the day higher, added 516.19 points to close at 14,564.53, a level not seen since August 5.

The second wide-based National Stock Exchange index Nifty also spurted by 146 points at 4,360 points.

Marketmen said bourses somehow ignored the 7.9 per cent economic growth in the first quarter of the fiscal. The expansion was in any case on expected line, they said.

Banking and reatly stocks, two interest rate sensitive counters which were battered quite a few times in the immediate past on concerns over RBI tightening the money supply to tame high inflation, staged a smart rally and closed higher by hefty 6.27 per cent and 5.10 per cent respectively.

PSU, metal and power indices closed up by over 3 per cent.

Marketmen said a fall in inflation after a five-week long rising streak boosted the investor sentiments.

A firming trend in global stock markets after crude oil declined and reports of the US economy growing faster than estimated also bolstered the trading sentiment here.

The major support to the market came in from banking index by recording a biggest gain of 413.28 points, or 6.27 per cent at 7,009.69, with all the 18 constituent of the bankex rose between 3 to 9 per cent.

State Bank of India shot up by Rs 94.15 at Rs 1403.60 to emerge to top the list of Sensex gainers. Its private sector counterpart ICICI Bank also rose by Rs 37.60 at Rs 671.50, followed by HDFC Bank by Rs 61.90 at Rs 1277.25 and Axis Bank by Rs 52.65 at Rs 723.30.