Sensex surges by 376 pts to fresh 32-month high
Sustained foreign capital inflows drove the BSE benchmark Sensex up by 376 points to a fresh 32-month high today, with metal and realty stocks benefiting the most from upbeat economic growth expectations.business Updated: Oct 01, 2010 19:01 IST
Sustained foreign capital inflows drove the BSE benchmark Sensex up by 376 points to a fresh 32-month high today, with metal and realty stocks benefiting the most from upbeat economic growth expectations.
The Sensex, which had gained 113 points in the previous session, spurted by another 375.92 points to 20,445.04, its highest level since January 2, 2008, boosted by robust foreign fund inflows and firming global markets.
Similarly, the wide-based National Stock Exchange shot up past the 6,100-mark to end with a gain of 113.45 points at 6,143.40.
The trading sentiment turned more bullish after Goldman Sachs Group raised its economic growth estimate for the Indian economy, citing the benefits of a better-than-forecast monsoon.
Rising exports and reports of attractive economic growth were other supporting factors for the market.
Reports of record vehicle sales by leading car-makers and higher gross domestic productivity mainly pushed up metal and realty shares, the major consumers of the product.
In the 30-BSE index components, 27 stocks settled the day higher, while two ended in the negative zone and one (Reliance Communication) remained unchanged.
The realty sector gained the most, adding 4.03 per cent to 3,876.93, while the metal sector index rose by 3.87 per cent to 17,517.09. The capital goods index gained 2.69 per cent to 16,426.34.
The valuable scrip on the Sensex, Reliance Industries, rose by Rs 20.10 to Rs 1,006.45, while IT bellwether Infosys Technologies surged by Rs 62.40 to an all-time high of Rs 3,103.40. The two firms carry nearly 23 per cent weightage on the Sensex.
Besides Infosys, Tata Consultancy, Wipro and Tech Mahindra also registered gains on reports of a rise in the country's exports.
The auto sector was bullish and advanced by 2.41 per cent to 9,756.96 after Maruti Suzuki surged to its highest level in almost seven months after reporting record sales for the month of September earlier today.
With buying activity spilled over a wide front, mid-cap and small-cap sector stocks both rose by up to 1.60 per cent.