Sensex gains 2.22 pc, Nifty crosses 4,600 level
The BSE Sensex surged by 2.22 per cent on heavy buying by funds on realty, banking and refinery counters sparked by firming global trends.business Updated: Aug 11, 2008 17:44 IST
The Bombay Stock Exchange benchmark Sensex on Monday surged by 2.22 per cent on heavy buying by funds on realty, banking and refinery counters sparked by firming global trends.
The 30-share index, which had gained over 500 points in the last four trading sessions, spurted by 336.10 points to close at 15,503.92 points.
The BSE barometer touched a high of 15,520.71 points and a low of 15,367.97 points during the day.
The wide-based National Stock Exchange's Nifty rose by 90.90 points to settle at 4,620.40, after touching a high of 4,625.20 points and a low of 4,529.35 points.
Foreign as well domestic funds were keen in buying heavy-weight stocks led by Reliance Industries, ICICI Bank and Jaypee Associates.
Marketmen said any prospect for lower inflation would ease the upward pressure on interest rates and enable consumer spending to pick up, boosting the outlook for battered stocks in interest-sensitive sectors such as financial, automobiles and real estate.
Petrochemical maker and refiner Reliance Industries rose by 3.36 per cent, ICICI Bank by 5.74 per cent and SBI by 4.65 per cent and Jaypee Associate by 7.68 per cent on fresh buying.
Realty index rose the most by gaining 5.27 per cent to 5,799.37 points, followed by Banking sector index by 307.32 points to 7,702.35. Oil and gas index rose 2.94 per cent to 10,437.27.