Sensex keeps up the rising tempo
The Bombay Stock Exchange benchmark Sensex today surged by nearly 148 points as corporate results bettered market expectations and raised optimism about the outlook for company earnings.business Updated: Jul 24, 2009 17:44 IST
The Bombay Stock Exchange benchmark Sensex today surged by nearly 148 points as corporate results bettered market expectations and raised optimism about the outlook for company earnings.
The Sensex, which had gained 388 points in the previous session, shot up further by 147.92 points at 15,378.96, a level last seen on June 11. The key index touched the day’s high of 15,418.61 and a low of 15,168.52 with trading sentiment remaining volatile.
The 50-share National Stock Exchange index Nifty shot up by 44.80 at 4,568.55, after moving between 4,578.75 and 4,504.85 points during the day.
The upsurge was maintained by Maruti Suzuki, which raced to an all-time high a day after the leading carmaker reported a 25 per cent jump in quarterly profit on higher sales and lower raw material costs.
Twelve of the 30 Sensex companies have reported results so far, with 10 beating analysts’ expectations.
Among the 30 Sensex stocks, 23 shares led by Maruti Suzuki and Tata Motors ended higher.
The auto sector index gained the most, by 5.14 per cent, to 5,545.30 after the biggest carmaker Maruti Suzuki surged for a second day on expectations of higher exports and demand for its new hatchbacks. The maker of half the cars sold in the country rose 6.35 per cent to Rs 1,377.85, the highest since its listing in July 2003.