Sensex turns around, up 388 points
The Bombay Stock Exchange benchmark Sensex spurted nearly 388 points today on aggressive buying by funds, triggered by better-than-expected corporate earnings and firming Asian markets.business Updated: Jul 23, 2009 18:36 IST
The Bombay Stock Exchange benchmark Sensex spurted nearly 388 points on Thursday on aggressive buying by funds, triggered by better-than-expected corporate earnings and firming Asian markets.
Market players covered pending positions amid reports of good quarterly earnings by blue-chip stocks and this further supported the rally.
The Sensex, which had lost 220 points in the previous day's trading, rebounded to end with a gain of 387.92 points at 15,231.04 as 28 stocks among the 30 in Sensex gained and two settled with losses.
The key index moved between 15,264.84 and 14,997.75.
The 50-share National Stock Exchange index Nifty rose 124.85 points to 4,523.75. It touched the day's high of 4,532.40 and a low of 4,405.95.
Brokers said the rally on other Asian equity markets with Hong Kong's Hang Seng index rising by 2.96 per cent and encouraging quarterly earnings by blue-chip companies mainly buoyed trading sentiment.
They said sentiment turned bullish on steady news of good quarterly earnings by pivotals led by ITC Ltd, and positive economic data boosted trading sentiment.
Major gainers that supported the Sensex were Reliance Industries, Infosys Technologies, ICICI Bank, ITC Ltd and Maruti Suzuki. All the five carry nearly 34 per cent weight on the index.
Gains this year increased to 58 per cent on today's advance, the world's fifth-best performance. Eleven of the 30 Sensex companies have reported their results so far, with nine beating analysts' expectations.
The realty sector index gained the most, rising 5.08 per cent at 3,635.69, followed by consumer durables, which was up 4.47 per cent to 3,066.21.
The metals index surged 4.32 per cent to 11,835.68 on reports of base metals rising at the London Metal Exchange.
The FMCG index rose 3.95 per cent to 2,547.12, auto 3.87 per cent to 5,274.23, healthcare 2.85 per cent to 3,845.72, power 2.59 per cent to 2,855.98, oil and gas 2.39 per cent to 9,589.83, capital goods index 2.08 per cent to 12,394.35, information technologies 1.99 per cent to 3,707.22 and banking index 1.73 per cent to 8,409.08.