Sensex surges over 310 points, touches year's high
The BSE benchmark index Sensex surged by over 310 points to the highest in this year at 15,698 pts in early trade today on increased capital inflows by foreign funds on the back of impressive corporate earnings amid firming global cues.business Updated: Jul 31, 2009 12:29 IST
The Bombay Stock Exchange benchmark index Sensex surged by over 310 points to the highest in this year in early trade on Friday on increased capital inflows by foreign funds on the back of impressive corporate earnings amid firming global cues.
Extending its Thursday's gains, the 30-share index rose by 311.01 points to 15,698.07 points in early trade with all the sectoral indices gaining up to 2.47 per cent. The BSE barometer had gained 1.41 per cent in the previous session.
The wide-based National Stock Exchange index Nifty climbed 86.90 points, or 1.73 per cent, to 4,658.35 points.
Marketmen said sustained buying by foreign funds following better-than-expected earnings posted by several blue-chip companies and firming global markets mainly buoyed the sentiment, lifting Sensex to a year's high.
Most of the Sensex companies have posted impressive quarterly earnings this season so far, beating market estimates.
Major gainers in today's rally were Reliance Industries (2.24 per cent at Rs 1,942.50), Reliance Infra (1.67 per cent at Rs 1,204.90), Rcom (2.17 per cent at Rs 287.70) and Infosys Technologies (1.69 per cent at Rs 2,044.35).
Tata Steel rose by 2.44 per cent, Sterlite Industries by 3.57 per cent, Tata Motors by 4.48 per cent, Mahindra and Mahindra by 3.10 per cent and DLF Ltd by 2.39 per cent.