Sensex surges 243 points in opening trade on global cues
The Bombay Stock Exchange benchmark Sensex surged up by a whopping 243 points, or 1.47 per cent, in the opening trade today on capital inflows by foreign funds, driven primarily by a rally on global bourses.business Updated: Mar 02, 2010 11:07 IST
The Bombay Stock Exchange benchmark Sensex surged up by a whopping 243 points, or 1.47 per cent, in the opening trade today on capital inflows by foreign funds, driven primarily by a rally on global bourses.
The 30-share index, which had gained 175.35 points in the previous session on Friday, rose by 243.55 points to 16,673.10 points with metals, auto and oil & gas sectors leading the rally.
The wide-based National Stock Exchange index Nifty also went up by 74.10 points, or 1.26 per cent to 4,996.40 points, inching towards the psychological 5,000-points level.
Stock brokers said trading sentiments were helped by an overnight gain in the US markets and cut in surcharge on corporate tax in the Budget, triggering widespread buying.
The BSE metal sector index rose the most with a gain of 1.86 per cent at 16,707.27 with stocks of Sterlite Industries rising by 2.70 per cent to Rs 802.10,Hindalco by 2.14 per cent to Rs 164.70, Tata Steel by 2.25 per cent to Rs 586.55, JSW Steel by 2.04 per cent to Rs 1,092.90 and Tata Motors by 7.36 per cent to Rs 763.40.
Among the gainers Reliance Industries was up 1.28 per cent to Rs 990.50, Infosys Tech by 1.04 per cent to Rs 2,628.70 and State Bank of India by 1.22 per cent to Rs 2,000.
The US Dow Jones Industrial Aveage ended 0.76 per cent higher in the previous session.