Sensex posts biggest daily gain in nearly 10 weeks

Brent crude oil fell below $104 per barrel on Tuesday which is its lowest in nine months on the back of steady supply.

By: ENS Economic Bureau | New Delhi | Published:August 13, 2014 1:14 am

Amid softening global crude oil prices, the benchmark Sensex at the Bombay Stock Exchange rose by 361 points or 1.4 per cent to close the day at 25,880.8 on Tuesday.

The jump, the highest in nearly 10 weeks, was primarily fuelled by heavy buying in bluechips, led by Tata Motors, on robust earnings.

The broader Nifty at the NSE, too, rose by 101 points or 1.3 per cent to close at 7,727 points.

With support from foreign institutional investors who invested a net of Rs 371 crore on Tuesday, the markets’ gains extended across sectors led by auto and oil & gas that rose by 1.8 and 1.7 per cent, respectively, at the BSE. Eight out of the 12 sectoral indices at BSE gained more than 1 per cent on Friday suggesting a rally across the sectors. Only the BSE Teck index closed in the red. The gains for the mid cap and the small cap companies, however, remained limited as they rose by 0.5 per cent and 0.45 per cent, respectively.

“Supportive global markets and reduced geo-political concerns helped support the markets. Better-than-expected numbers from companies like Tata Motors supported the sentiment. Going ahead, we expect geo-political issues on the global front and further reform initiatives from the government on the domestic front, to drive markets.” said Dipen Shah, head research, Kotak Securities.

Brent crude oil fell below $104 per barrel on Tuesday which is its lowest in nine months on the back of steady supply.

Shares of Tata Motors rose by up to 8.2 per cent on Tuesday a day after the company announced a three-fold jump in its consolidated net profit for quarter ended June 2014 at Rs 5,398 crore.

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