Sensex shoots up 285 pts on value-buying, firm European cues
The BSE benchmark index Sensex today gained nearly 46 points in early trade on selective buying by funds.business Updated: Mar 21, 2012 17:49 IST
The BSE Sensex on Wednesday shot up 285 points as investors continued to pick up bluechips at lower levels after recent declines amid firm markets in Europe.
Sensex, which had gained 43 points in the previous session, spurted 285.53 or 1.65% to 17,601.71, led by realty, capital goods and banking stocks.
NSE index Nifty rose 90.10 points or 1.71% to 5,364.95.
Brokers said funds were picking up strong stocks at attractive levels after recent declines, and on expectations of better fourth quarter earnings beginning next month. The trend was supported by higher opening in European markets, they added.
Sensex heavyweight Reliance Industries shot up 1.05%, while and the second heaviest Infosys gained 1.51%. The two carry nearly 20% weight on the index.
IT shares rose on weakening rupee, raising hopes of higher earnings. Software and IT services firms get over 80% of their revenue from the US and European markets.
The realty sector index gained 3.89% to 1,846.58, followed by capital goods index - 3.66% to 10,397.86. Banking index rose 2.74% to 12,160.75 and metal index, 2.05% to 11,700.83.