Sensex gains over 417 points at closing
The benchmark BSE Sensex climbs 417.51 points to touch 14,842.38, the biggest gain since August 8.business Updated: Aug 27, 2007 16:46 IST
The benchmark BSE Sensex registered its biggest gain in three weeks by rising over 417 points on Monday on brisk buying by funds enthused by reports easing concerns of the US subprime mortage crisis.
The Sensex commenced the day higher after US economic reports eased concern the subprime mortgage crisis might slow growth in the world's biggest economy, and gathered momentum on easing political tension at home over the nuclear deal with the US.
The Sensex climbed 417.51 points or 2.9 per cent to 14,842.38, the biggest gain since August 8. The National Stock Exchange index Nifty added 112.45 points, or 2.7 per cent to 4,302.60, as heavy-weight stocks such as Reliance Industries, Infosys Technologies, State Bank of India, Larsen and Toubro, BHEL and ACC recorded handsome gains.
A firming global trend remained the main trigger for the current rally as US markets firmed up on Friday, sending similar strong signals for Asian stock markets like Tokyo, Hong Kong and Singapore, which opened this morning.
The Morgan Stanley Capital International Asia-Pacific Index added 1.1 per cent on Friday. The Standard and Poor's 500 Index rose to its biggest weekly gain in five months.
A major support to the market came in from stocks of capital goods segment, which rose the most by 457.79 points at 13,080.02. This was followed by realty segment index by 364.26 points at 7147.47. Bank index shot up by 339.55 points at 7654.98, oil and gas index by 209.12 points at 7726.80, PSU index by 190.69 points at 6816.74 and consumer durable index by 178.44 points at 4165.45.