Sensex nears 16k-level with 232-point relief rally
Igniting hopes of some year-end relief, the stock market today rallied ahead and the barometer Sensex was seen inching towards regaining 16,000-level with a 232-point surge with help from bluechips like Infosys and RIL.business Updated: Dec 26, 2011 17:15 IST
Igniting hopes of some year-end relief, the stock market on Monday rallied ahead and the barometer Sensex was seen inching towards regaining 16,000-level with a 232-point surge with help from bluechips like Infosys and RIL.
The 30-share benchmark index closed 232.05 points or 1.47% higher higher at 15,970.75 points -- its highest closing in about two weeks.
While most of the overseas markets were closed on account of year-end holidays, positive cues from Japan and a few other markets helped boost the sentiments in domestic shares.
Traders were also seen indulging in some bargain-buying in select blue-chip stocks, such as Infosys, Reliance Industries (RIL), Bharti Airtel, TCS, HDFC Bank and L&T, as also a few mid-cap stocks.
Experts said that the market trends have historically been positive in the last month of the year, but a slew of negative newsflow from India and abroad has so far averted any year-end rally on the bourses.
So far in December, the Sensex has registered a total gain of only 1.75%. But, the Sensex managed to close at its highest level since December 13, when it had last closed above 16,000 level.
Monday's upsurge, coming after a rally of over 600 points in two consecutive trading sessions last week, was largely seen as a relief rally for the bruised investors, who have suffered huge losses so far in 2011.
Despite today's positive move, the Sensex is still trading with a fall of over 20% so far this year and the total investor wealth, measured in terms of cumulative market value of all listed stocks, has dipped by about Rs 20 lakh crore.
In today's trade, the market wealth grew by about Rs 60,000 crore and stood at Rs 54,73,886.85 crore at the end of trading session.