Sensex soars 218 pts to close at eight-week high
The Bombay Stock Exchange benchmark Sensex rose 218 points to an eight-week high after a rally, led by market leader Reliance Industries, on hopes of better quarterly earnings.business Updated: Mar 16, 2010 17:22 IST
The Bombay Stock Exchange benchmark Sensex rose 218 points to an eight-week high after a rally, led by market leader Reliance Industries, on hopes of better quarterly earnings.
The 30-share index shot up by 218.19 points to 17,383.18 points, matching with the levels seen on January 20.
RIL surged by 3.8 per cent to Rs 1,066.80 on speculation that its profitability will improve. The company paid Rs 770 crore advance tax for the fourth quarter.
Another blue-chip Infosys rose by Rs 31.15 to Rs 2,732.35.
Brokers said expectations of better fourth quarter results after reports of big corporate such as SBI, Indian Oil and LIC paying higher advance tax lifted the sentiment.
A firm opening in Europe ahead of the US Federal Reserve meeting tonight also supported the market sentiment in the last 30 minutes of trading.
In 30 stock related counters, 25 gained while five closed with losses. Among sectoral indices, oil and gas, metal and capital goods lent maximum support to the market.
The wide-based National Stock Exchange index Nifty crossed 5,200 points level before ending with a gain of 69.20 points to 5,198.10.