Sensex rises the most in six months by 484 pts
The Bombay Stock Exchange benchmark Sensex today jumped by 484 points -- the highest rise in the last six months -- to close at a fresh 33-month high on sustained capital flows amid firm global cues.business Updated: Oct 13, 2010 17:52 IST
The Bombay Stock Exchange benchmark Sensex today jumped by 484 points -- the highest rise in the last six months -- to close at a fresh 33-month high on sustained capital flows amid firm global cues.
The 30-share barometer rose by 484.54 poins to 20,687.88 points, its best closing level since January 2008. The wide-based National Stock Exchange index Nifty added 143 points to close at 6,233.90 points.
The market remained in bull orbit as foreign investors bought more shares than they sold for the 29th straight day after reports from China, Japan and Australia signaled that the global economic recovery is strengthening, brokers said. They added that expectations of strong corporate earnings by leading companies beginning from this week-end also boosted the sentiment.
The market received further support following a firming trend in the Asian region and higher opening in Europe after the US Federal Reserve hinted that it may provide more stimulus measures. The US central bank said it might provide more stimulus, with Tokyo getting an extra lift from glowing data on private-sector machinery orders.
The oil major and trend setter Reliance Industries spurted by Rs 18.25 to Rs 1,072.15 and second heaviest software exporter Infosys Technologies by Rs 76.30 to Rs 3,151.20. The two carry nearly 23 per cent weightage on the index. In the 30-BSE index components, 28 stocks closed with gains and NTPC declined, while Cipla Ltd ended at last level.
The Sensex gained 28 per cent from the May 25 low, reaching more close to its all-time high level of 21,206.77 set on January 10, 2008, and become the best performer this year among the world’s 10 biggest stock markets, brokers said.
The IT sector index rose the most by 3.15 per cent to 6,249.20 followed by Teck index by 2.72 per cent to 3,850.36. The capital goods index gained by 2.68 per cent to 16,426.36 and realty index by 2.51 per cent to 3,935.64. As the buying activity spilled over a wide-front, the smallcap index advanced by 1.06 per cent to 10,761.52 and midcap index by 0.99 per cent to 8,436.94.