Sensex up 149 points on firm global cues
Snapping a 3-day falling streak, the BSE Sensex today gained about 149 points to close over 17,988 on buying in fundamentally strong stocks at lower levels amid firm global cues, despite rising oil prices.business Updated: Mar 22, 2011 17:20 IST
Snapping a 3-day falling streak, the BSE Sensex on Tuesday gained about 149 points to close over 17,988 on buying in fundamentally strong stocks at lower levels amid firm global cues, despite rising oil prices.
The Bombay Stock Exchange benchmark index Sensex, which had lost 520 points in the last three sessions, bounced back 149.25 points to close at 17,988.30.
Brokers said that investors felt the risks to the global economic recovery receded after Japan made progress in averting a nuclear crisis looming large after the massive earthquake and tsunami hit the country a few days ago.
Trading sentiment improved as Asian stocks rose led by Japan’s Nikkei 225 Stock Average, which had its biggest two-day advance since April 2009.
However, a rise in crude oil price in the overseas markets restricted the gains. The crude in New York rose for the second day to over USD 103 as Allied air-strikes in Libya threatened to prolong a supply disruption from Africa’s third-largest crude producer.
The broad-based National Stock Exchange index Nifty rose 49.10 points to 5,413.85 with the two most heaviest --Reliance Industries and Infosys Technologies, with 23% weightage, ended with gains.
Reliance pulled back from its 3-day slide by rising Rs 10.95 to Rs 999.50, and Infosys Technologies by Rs 21.25 to Rs 2,943.40.
Auto majors, led by Maruti Suzuki India, gained the most in three weeks by adding Rs 40.50 to Rs 1,171.85. Tata Motors, the owner of Jaguar Land Rover, was up Rs 13.65 at Rs 1,136.
In the 30-BSE index components, 25 ended higher while five closed with losses. All the sectoral indices led by realty, auto, healthcare and refinery closed in the positive territory.
As the buying activity spilled over a wide front, midcap sector index rose 0.79 % to 6,543.54 and smallcap index by 0.54% to 7,817.65.