Sensex up 460 points, IT, realty stocks post gains
Stock markets today rose for the second day in a row with the benchmark Sensex registering a gain of 460 points at 10,683 points on heavy buying in consumer durables.business Updated: Oct 21, 2008 17:02 IST
Stock markets on Tuesday rose for the second day in a row with the benchmark Sensex registering a gain of 460 points on heavy buying in consumer durables, realty and IT counters.
The BSE barometer closed the day at 10,683.39, higher by 460.30 points, or 4.5 per cent, from its last close.
The wide-based National Stock Exchange index Nifty also spurted by 112.10 points at 3234.90,
Marketmen said the sentiment was boosted by market regulator SEBI's remarks that it "disapproved" of overseas investors short-selling equities using offshore derivatives.
They said major players and general investors resorted to buying on expectations that the government might take more market friendly measures. Many also anticipate investor friendly measures by RBI in its monetary policy later this week.
A firming global trend in the backdrop of US officials moving towards a second fiscal stimulus package also played a part, they said.
Consumer durable stocks surged on expectations of sales of household items picking up during the ongoing festival and marriage season. Its index rose by 8.95 per cent at 2271.82, the maximum among all indices. Realty sector index was a close second at 8.32 per cent at 2632.93 points.