Satyam rides Sensex bull, hits upper circuit
The BSE Sensex moved up by 400 points in midsession today, extending its gains for the second straight session, on increased capital inflows by foreign funds, a day after Manmohan Singh gave optimistic economic growth estimates. Satyam Computer benefitted from the bull run and hit the upper limit surging 10 per cent.business Updated: Jun 10, 2009 14:33 IST
The Bombay Stock Exchange benchmark Sensex moved up by 400 points at 15,561 in midsession on Wednesday, extending its gains for the second straight session, on increased capital inflows by foreign funds, a day after Prime Minister Manmohan Singh gave optimistic economic growth estimates.
Firming trends in other Asian markets further enthused the trading sentiment on the domestic bourses.
Satyam Computer hit the upper limit surging 10 per cent on the Bombay Stock Exchange, for the second consecutive session, a day after the scam-tainted IT firm came out with results which demonstrated that it was down but not out.
The BSE 30-share index, which had gained 3.14 per cent in yesterday's highly volatile session, gathered another 381 points at 15,508.61, a level last seen on August 11, 2008.
All the sectoral indices are trading in the positive zone with gains up to 3.41 per cent.
Similarly, the wide-based National Stock Exchange index Nifty rose 100.05 points to 4,651.
Stockbrokers said buying activity continued to pick up on expectations of market-friendly reforms from the Congress-led UPA government in the forthcoming budget, to be presented in early July.
They said metal sector stocks were in keen demand after copper and other base metals strengthened in overseas markets last evening.
Meanwhile, Hong Kong's Hang Seng was up 1.85 per cent, while Japan's Nikkei rose 1.70 per cent in early trade.