Sensex up by 216 pts on rise in banking, metal and realty
Fresh buying at banking, metal and realty counters pushed up the BSE benchmark Sensex by 216 points in early trade today despite mixed global cues.business Updated: May 13, 2011 11:24 IST
Fresh buying at banking, metal and realty counters pushed up the BSE benchmark Sensex by 216 points in early trade today despite mixed global cues.
The BSE benchmark Sensex resumed higher at 18,362.45 and shot up further to 18,563.75 before quoting at 18,551.75 at 1015 hours, showing a net gain of 215.96 points, or 1.1%.
The NSE's 50-share Nifty also moved up by 58.35 points, or 1.06%, to 5,544.50 at 1015 hours.
Major gainers from the Sensex pack include Hindalco (2.61 %), Hero Honda (2.02 %), Jaiprakash Associates (2.00%), ONGC (1.90%), DLF (1.85%), Sterlite Ind (1.72%), ICICI Bank (1.62%) and ITC (1.58%).
Caution prevailed ahead of the results of Assembly elections in Tamil Nadu, Puducherry, Kerala, Assam and West Bengal.
Most Asian shares declined in early trade, reacting to China's rate tightening news. The People's Bank of China increased banks' reserve requirements by 50 basis points, the eighth time since October, in an attempt to ease inflationary pressures. The key benchmark indices in Japan, South Korea, China, Taiwan and Hong Kong fell by between 0.08% to 1.25%.
US markets closed with gains yesterday as a decline in the dollar led to higher commodity prices and boosted the appetite for riskier assets. The Dow gained 65.89 points or 0.52% and the Nasdaq rose 17.98 points, or 0.63%.