Sensex surges 264 pts on firming global cues
The Bombay Stock Exchange benchmark Sensex today closed 264 points higher on buying by funds in blue-chips led by auto and metal stocks in tandem with a recovery in global markets.business Updated: Jun 10, 2010 17:07 IST
The Bombay Stock Exchange benchmark Sensex on Thursday closed 264 points higher on buying by funds in blue-chips led by auto and metal stocks in tandem with a recovery in global markets.
The 30-share barometer spurted by 264.19 points to close at 16,922.08 points. The index had gained 41 points in the previous session.
The broad-based National Stock Exchange index Nifty rose by 78.30 points to close at 5,078.60 points.
Brokers said a higher trend in the Asian region and European stocks recovering from initial losses fuelled the trading sentiment on the domestic markets.
Even as the food inflation rose to 16.74 per cent for the week ended May 29, the market remained bullish as investors bought shares in companies whose earnings might benefit from the nation's economic expansion, they added.
Among the 30 index stocks, 29 stocks ended with handsome gains. Major support to the market came in from shares in Auto, metal, realty and power sectors.
The auto sector index gained the most by rising 2.98 per cent to 7,940.31 as stocks of Tata Motors, Maruti Suzuki, Bajaj Auto, Hero Honda and Mahindra and Mahindra closed higher following reports that the industry recorded highest sale during May.
The metal sector index was the second best performer by adding 2.12 per cent to 14,400.09 on firming trend in base metals in overseas markets.
Market leader Reliance Industries rose by 0.85 per cent to Rs 1,015.45 following reports that the company is planning to foray into telecom sector.
Infosys Technologies, the second heaviest on benchmark, rose by 0.74 per cent to Rs 2,646.95.
Among the Asian markets, Tokyo closed 1.10 per cent higher as the official data showed that the Japanese economy grew better than expected 5 per cent in the first quarter of 2010. Hong Kong's Hang Seng Index rose 11.46 points to 19,632.70 after China's exports surged 48.5 per cent in May.