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Sensex sees highest rise in seven weeks

business Updated: Mar 13, 2009 17:22 IST

PTI
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The Bombay Stock Exchange benchmark Sensex on Friday clocked the sharpest rise in the last seven weeks on funds buying blue-chip stocks led by the realty and banking sectors.

The Sensex, which rose 183 points in the previous day's trading, surged further by 412.86 points to 8,756.61, the most remarkable rise since January 27, as financial stocks gained significant ground after Bank of America said "it's profitable". The key index tested a high of 8,793.21 points.

The broad-based National Stock Exchange index Nifty also rose by 101.80 points at 2,719.25, after touching the day's high of 2,726.15 points.

The banking index lent support to the market by gaining 5.85 per cent to 3,973.85 as ICICI Bank, the second-biggest bank, surged for a second day, at more than 8.60 per cent. State Bank of India climbed 4.63 per cent.

Trading sentiment in the banking sector was bolstered after Asian financial stocks saw their best week since December 19 as Bank of America joined JPMorgan Chase and Citigroup in saying it was profitable in January and February, triggering a worldwide rally.

The information technology segment index rose by 5.63 per cent to 2,190.32 on expectations that US economic revival would bolster the revenue of software exporting companies. Indian software companies earn over 50 per cent of their revenue from the US markets.

The oil and gas index rose by 4.71 per cent to 6,088.52 as segment- and Sensex-heaviest Reliance Industries rose by 6.69 per cent to Rs 1,282.35 on reports that the company resumed production at one of its oil wells and the it struck a diesel sale deal with Hess.

The teck index rose 4.48 per cent to 1,707.31, the capital goods index 4.07 per cent to 5,788.85, the auto index 2.93 per cent to 2,774.28, the power index 2.76 per cent to 1,668.60 and the FMCG index 2.20 per cent to 1,883.80.

The consumer durables index gained 1.87 per cent to 1,479.56, the PSU index by 1.74 per cent to 4,807.58 and the healthcare index by 0.57 per cent to 2,564.31.

With buying activity spread widely, the midcap index rose 2.96 per cent to 2,640.36 and the smallcap index 1.97 per cent to 2,934.06.