Sensex shrugs off poor GDP data, jumps 271 pts on global cues
The Bombay Stock Exchange benchmark Sensex surged over 271 points today to 18,503.28, with realty, banking and FMCG stocks leading the rally despite the weak GDP data for the January-March quarter.business Updated: May 31, 2011 16:46 IST
The Bombay Stock Exchange benchmark Sensex surged over 271 points on Tuesday to 18,503.28, with realty, banking and FMCG stocks leading the rally despite the weak GDP data for the January-March quarter.
Brokers said domestic market sentiment was boosted by a fiming trend on the Asian bourses and the European markets on Greece bailout hopes.
The Sensex, which had lost 34.04 points in the previous session, jumped 271.22 points, or 1.49 per cent to 18,503.28 with all the sectoral indices closing in positive zone.
In a similar fashion, the broad-based National Stock Exchange index Nifty regained the psychological 5,500 mark, gaining 87.05 points, or 1.59 per cent to 5,560.15 points.
However, the slowdown in the country's economy, which grew by just 7.8 % in the fourth quarter ending March last fiscal, as against 9.4 % in the year-ago period, restricted the gains.
Reliance Industries (RIL) that weighs the most on the Sensex, gathered 1.28 % to close at Rs 951.75, while IT bellwether and second most valuable scrip on Sensex, Infosys Technologies, shot by 0.42 to Rs 2,791.85 a piece.
The realty sector index gained the most; it surged by 2.53 % to settle at 2,177.97, followed by FMCG sector, which ended 2.25 % higher at 3,858.14. The banking sector index also closed in positive territory with a rise of 2.13 % to 12,543.00.
Buying activity also spread to small and mid-cap stocks, helping mid-cap index to gain 1.80 % at 6,910.24 while smallcap sector index climbed 0.99 % to 8,235.72.