Sensex gains 434 pts; up in 6 days on global cues as oil eases
The BSE Sensex today shot up 434 points to over 19,696, snapping 5-day falling streak as investors bought stocks at lower levels amid firming global trend and easing of crude oil prices.business Updated: Apr 13, 2011 17:43 IST
The BSE Sensex on Wednesday shot up 434 points to over 19,696, snapping 5-day falling streak as investors bought stocks at lower levels amid firming global trend and easing of crude oil prices.
The 30-share Bombay Stock Exchange benchmark index, Sensex, which had lost 440 points in the last five trading sessions, gained 434.32 points to close at 19,696.86. It had opened lower than the previous close at 19,101.63.
The broad-based National Stock Exchange index Nifty shot up 125.80 points to 5,911.50, after a weak opening at 5,735.55 points.
The upsurge in the market was led by software exporting companies on expectations for robust quarterly earnings, ahead of the fourth quarter results starting with the announcement by Infosys Technologies on Friday.
The top three outsourcing companies are expected to post strong fourth quarter profits and forecast robust revenue growth for the fiscal ending March 2012 on improving global economic environment. Software exporters get about half their revenues from the US and European markets.
Tata Consultancy Services jumped 2.57% to Rs 1,208.95; Wipro Ltd was up 2.94% at Rs 473.45 and Infosys by 2.05% at Rs 3,306. The IT index rose by 2.15% to 6,686.12.
Besides, marketmen said investors were consolidating after selling for five consecutive sessions, amid a firming Asian trend and higher openings in Europe in view of easing crude oil prices.
The crude fell to a two-week low after the International Energy Agency reported signs of slowing oil demand and as Goldman Sachs Group forecast a substantial correction.
The most beaten capital goods, auto and banking sector indices gained the most. The capital goods index gained 2.73% to 13,965.78, followed by auto index - up 2.54% to 9,428.08.
The realty index rose by 1.57% to 2,439.90 as Jaiprakash Associates surged 7.09% to Rs 98.20.