Auto stocks drive Sensex up by 170 points
BSE's Sensex today recovered by 170 points on the back of buying support in shares of auto and telecom companies. The broadbased National Stock Exchange index Nifty rose by 49.65 points to 5,019.85.business Updated: Jun 02, 2010 16:50 IST
BSE's Sensex today recovered by 170 points on the back of buying support in shares of auto and telecom companies. The Sensex, which lost 372.60 points in the previous session, bounced back by 169.81 points to 16,741.84 as heavyweight stocks led by Reliance Communication surged on sustained buying.
The broadbased National Stock Exchange index Nifty rose by 49.65 points to 5,019.85. The upsurge in the market was supported by auto stocks, a day after most of the vehicle manufacturers posted robust sales in May.
Anil Ambani group company Reliance Communication gained 11.02 per cent following reports that Emirates Telecommunication is in advanced talks to buy a stake in it. Shares of Bharti Airtel, another leading mobile operator, rose by 5.16 per cent to Rs 270.20. Tata Motors, the owner of Jaguar Land Rover, climbed 2.60 per cent, Hero Honda 3.28 per cent and Maruti Suzuki 1.74 per cent. In the 30-BSE components, 23 stocks closed with gains, while six ended with losses.
However, NTPC remained unchanged at Rs 197.50. All sectoral indices, led by tech, auto and realty, remained in the positive zone. The tech sector index gained the most, rising 1.95 per cent to 3,147.30, followed by the auto sector index, which gained 1.74 per cent to 7,728.32.
The realty sector index rose by 1.33 per cent to 3,046.43 and the capital goods index by 1.14 per cent to 13,572.57. With buying activity spread over a wide front, the midcap sector index rose by 0.85 per cent to 6,800.97 and the smallcap index by 0.79 per cent to 8,529.45.