Sensex ends 183 pts up in volatile trade; erases early losses
In a choppy trade, the BSE benchmark Sensex wiped off early losses to end with a gain of 183 points today on high domestic industrial growth and a firming trend in global markets.business Updated: Dec 13, 2010 18:40 IST
In a choppy trade, the BSE benchmark Sensex wiped off early losses to end with a gain of 183 points on Monday on high domestic industrial growth and a firming trend in global markets.
The 30-share Bombay Stock Exchange (BSE) index, Sensex, after falling nearly 1% during the day, bounced back to close with a gain of 182.89 points at 19,691.78.
The gains were led by metals and realty sectors after the industrial growth numbers released late last week showed 10.8% expansion in October and weekend gains on the US markets on upbeat economic data.
In a similar fashion, the broad-based National Stock Exchange (NSE) index Nifty remained subdued at the outset but recovered to close higher by 50.30 points at 5,907.65. It had dipped to 5,795.90 points during the session.
Besides the industrial growth numbers announced on Friday, trading sentiment was supported by trends in the Asian region as well as higher opening in Europe on reports of an upbeat US economic data. The US stock market Dow Jones industrial average gained 0.35% in the previous session.
Of the 30 index shares, 25 stocks were higher while five ended with losses. Front-runners like Reliance Industries, HDFC Ltd, State Bank of India, Tata Steel, BHEL, Larsen and Toubro, Tata Motors, Tata Power and Reliance Infra were major gainers.
In the realty sector, the stocks most battered of late were key supporters of the gains because investors judged the prices to be attractive low levels. The sectoral index gained the most by 2.79% to 2,818.44 as DLF, HDIL and Indiabulls Real Estate rose smartly.
The metal sector added 2.10% to touch 16,327.38 as Hindalco Ind, Hindustan Zinc, JSW Steel recorded handsome gains on reports of a firming base metal prices in global markets.
The power sector index was third best performer, adding 2.09% to move up to 2,935.40, followed by capital goods index by 1.68% at 15,306.54.
As the buying activity spilled over a wide-front, smallcap index rose by 2.05% to 9,134.65 and midcap index by 1.77% to 7,537.00.