Sensex closes 200 points up

Sensex closed at 16,416.84,showing a gain of 199.02 points or 1.23% from its previous close.

Written by Agencies | Mumbai | Published:May 28, 2012 6:25 pm

Tracking improvement in the Asian markets,shares in India today notched up significant gains with the benchmark Sensex rising nearly 200 points to close at 16,416.84,its highest in over two weeks,leaving a positive rub-off for the rupee.

As investors turned bullish worldwide following hopes that Greece will not leave the troubled-Eurozone,the BSE index resumed higher at 16,289.82 and hit the day’s high of 16,439.97. It finally closed at 16,416.84,showing a gain of 199.02 points or 1.23 per cent from its previous close.

The rally was led by banking stocks including SBI (up 4.76 pc),ICICI Bank (2.29 pc),HDFC Bank (1.52 pc) as investors were attracted to the sector following steady fourth quarter earnings and better outlook.

The 50-share National Stock Exchange index Nifty also moved up by 65.25 points,or 1.33 per cent to 4,985.65,inching towards the crucial 5,000 mark. Investors’ wealth rose by nearly Rs 63,000 crore in a single session.

In Asia,key indices of China,Hong Kong,Japan,Singapore,South Korea and Taiwan moved up by 0.15 per cent to 1.19 per cent.

In the Indian market,1,714 stocks rose while 1,008 counters saw erosion in price.

“Sentiments improved globally,after opinion polls in Greece indicated lead in the upcoming elections for a party which is in favour of the country’s economic bailout package,” said Shanu Goel,Senior Research Analyst,Bonanza Portfolio.

Dealers said rupee’s strong performance also aided the sentiments. After closing at 55.37 a dollar on Friday,the rupee was last trading at 55.25 with a gain of 12 paise.

Stocks from power,consumer durables,capital goods,auto,realty and metal also were in demand as investors pumped funds in fundamentally strong counters,brokers said.

Market participants said the mood was helped by global rating agency Moody’s comment that the sliding rupee will not impact India’s sovereign ratings.

European shares were also trading higher as global investor sentiment improved with key indices in France,Germany and London up nearly 1 per cent.

Out of the 30-share Sensex family,24 scrips finished in green while only six ended in red. Sharp rise in heavyweights like SBI,ICICI Bank,RIL,ITC,Tata Motors,HDFC Bank,HDFC and L&T together added over 150 points to the Sensex gains.

Brokers said instances of short-covering ahead of the expiry of the derivative contract this Thursday also boosted the market sentiment.

SBI was the top gainer from the Sensex pack with a rise of 4.76 per cent,followed by BHEL (4.17 pc),Tata Power (3.81 pc),Hindalco (2.82 pc),Tata Motors (2.69 pc),M&M (2.52 pc),ICICI Bank (2.29 pc),NTPC (1.90 pc) and Sterlite (1.70 pc).

Others like HDFC Bank (1.52 pc),L&T (1.37 pc),Wipro (1.35 pc),ITC (1.34 pc),Reliance (1.33 pc),Bharti Airtel (1.22 pc),Cipla (1.21 pc),HDFC (1.10 pc) and Bajaj Auto (1.09 pc) also were among major winners.

However,Gail India fell by 2.72 per cent,followed by ONGC (1.26 pc),Maruti Suzuki (1.20 pc) led the Sensex losers.

All sectoral indices finished higher by up to 2.42 per cent with BSE-Bankex emerging the top gainer followed by BSE-Power (2.33 pc),BSE-Consumer Durable (2.20 pc),BSE- Capital Goods (1.85 pc),BSE-Auto (1.74 pc),BSE-PSU (1.04 pc) and BSE-Realty (1.02 pc).

The total turnover today dropped further to Rs 1,594.53 crore from Rs 1,793.83 crore reported last Friday.

Meanwhile,Foreign institutional investors (FIIs) sold shares worth Rs 623.77 crore on last Friday as per provisional figures.

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