Sensex rises by 218 pts on higher earning expectations
The Bombay Stock Exchange benchmark Sensex on Friday recovered by over 218 points on fund-based buying in heavyweight stocks, led by banks, on expectations of better fourth quarter earnings and firm global trends.business Updated: Apr 09, 2010 17:10 IST
The Bombay Stock Exchange benchmark Sensex on Friday recovered by over 218 points on fund-based buying in heavyweight stocks, led by banks, on expectations of better fourth quarter earnings and firm global trends.
The 30-share index, which had lost 256 points in the previous session, bounced back to record a gain of 218.74 points to close at 17,933.14 points.
The BSE barometer commenced the day higher and recorded the longest nine-week gain since June last year. The index advanced 1.2 per cent this week.
Brokers said expectations of good fourth quarter result by India Inc and heavy foreign fund inflows boosted the bourses. The market is entering the period of quarterly earnings with IT major Infosys kickstarting the reporting season on Tuesday.
Most Asian stocks ended higher after overnight gains on Wall Street which also influenced the trading sentiment, they added.
The wide-based National Stock Exchange index Nifty rose by 57.30 points to 5,361.75 points.
Among the 30-index stocks, 22 ended with gains. Major support was lent by Infosys, Reliance Industries, HDFC, ICICI Bank, Sterlite Industries and Tata Motors.
Index heavyweight Reliance Industries ended higher by 1.78 per cent.
Tata motors rose by 4.51 per cent followed by HDFC by 4.41 per cent, BHEL by 2.79 per cent, Jai parakash Associate by 2.57 per cent, HDFC Bank by 2.56 per cent, Sterlite by 2.19 per cent and Hero Honda by 2.02 per cent.
The key benchmark indices in China, Taiwan, Hong Kong and Singapore rose between 0.30 per cent and 1.56 per cent while South Korea index eased by 0.54 per cent.