Sensex up 213 pts on strong Q1 results from ICICI, Bajaj Auto
Led by ICICI Bank and Bajaj Auto, the BSE benchmark Sensex surged by 213 points today, its steepest rise in five weeks, amid a firming global trend.business Updated: Aug 02, 2010 17:05 IST
Led by ICICI Bank and Bajaj Auto, the BSE benchmark Sensex surged by 213 points today, its steepest rise in five weeks, amid a firming global trend.
The 30-share index jumped 212.92 points, its biggest gain since June 28, to settle at 18,081.21, driven by strong first quarter numbers from financial and auto firms.
The broad-based National Stock Exchange index Nifty also rose by 64.05 points to 5,431.65, supported by heavy buying of banking, realty and refinery stocks.
Stocks of ICICI Bank shot up by 3.90 per cent to Rs 939.75 after Credit Suisse Group upgraded its shares to "outperform" after the banker's posted a 17 per cent jump in
Auto stocks also rose smartly following reports of higher auto sales in July and expectations of a further rise due to a better monsoon generating buying power in rural areas for tractors and other vehicles.
Bajaj Auto, the second-largest motorcycle maker, rose by 1.48 per cent to Rs 2,727.90. TVS Motor, the third-largest motorcycle maker, advanced 1.19 per cent to Rs 140.35.
The trading sentiment at home was boosted by a firming trend in the Asian region and a higher opening in Europe this afternoon on the back of strong results from lenders BNP
Paribas and HSBC, boosting optimism for corporate earnings.
Stocks of fertiliser companies were also at the forefront of trade on expectations that a better monsoon this season will enhance plantation of sugarcane and rice.
Gujarat State Fertilizers and Chemicals rose by 8.73 per cent to Rs 311.95, its highest close since January, 2008.
National Fertilizers soared 2.14 per cent to Rs 116.95 and Gujarat Narmada Valley Fertilizers by 1.62 per cent to Rs 116.05.
In the 30-BSE index components, 25 stocks closed higher and five ended with losses.