Sensex rises to six-month high, gains 1.74 per cent
The BSE benchmark Sensex climbed to a six-month high to 11,362.88 points on sustained buying by funds at front-line counters on expectations of a better outlook for corporate earnings.business Updated: Apr 24, 2009 16:45 IST
The Bombay Stock Exchange benchmark Sensex on Friday climbed to a six-month high on sustained buying by funds at front-line counters on expectations of a better outlook for corporate earnings.
The Sensex, which gained 317 points in previous sessions, added another 194.06 points, or 1.74 per cent, to end at 11.329.05, after touching the day's high of 11,362.88.
In choppy deals, the key index also touched a low of 11,070.33 points during the day.
Similarly, the 50-share National Stock Exchange index Nifty rose by 57.05 points at 3,480.75, after touching the day's high of 3,491.35 and a low of 3,402.90 points.
The bullish trend was backed by banking shares after the interest rates. The banking index was the biggest gainer, adding 2.77 per cent to 5,591.70, with all the 18 participants of the index closing higher.
As the market changed for the better, major players and speculators rushed to square up their pending positions, which further fuelled the uptrend.
State Bank of India gained 3.33 per cent to Rs 1,307.80, Punjab National Bank 5.28 per cent to Rs 518.35, IDBI Bank 13.08 per cent to Rs 67.45 and ICICI Bank 2.10 per cent to Rs 432.50.