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Sensex surges 200 pts on global trend

The 30-share index shot up by 199.37 points to 16,839.19 points.

Written by Agencies | Mumbai | Published: July 27, 2012 5:55 pm

The BSE benchmark index Sensex today rebounded from six-week lows surging by nearly 200 points today on heavy buying by funds after better earnings by private banks and firming global trends.

The 30-share index,which had lost 278 points in the last two trading sessions,shot up by 199.37 points,or 1.20 per cent to 16,839.19 points. It touched the day’s high of 16,975.03.

The wide-based 50-stock National Stock Exchange index Nifty shot up by 56.85 points,or 1.13 per cent,to 5,099.85,after climbing to 5,149.95 during the session.

Trading sentiment bolstered after leading banks like ICICI Bank posted better than expected earnings,brokers said.

The market further received support from firming trend in Asia and Europe on speculation the central banks from Europe and Japan will take steps to contain eurozone debt crisis.

Metal sector stocks led by Tata Steel and Sterlite Industries rose as base metal prices surged in global markets.

Among the 30 Sensex scrips,24 stocks closed with gains with metal,IT and auto indices recording handsome gains.

Reliance Industries rose by 1.42 per cent to Rs 720.40 and Infosys by 1.12 per cent to Rs 2,148.85. Tata Consultancy Services rose by 1.92 per cent to Rs 1,225.75. The three stocks carry nearly 20 per cent weightage on the Sensex.

The major gainers were HDFC Bank,ITC,Mahindra and Mahindra,Maruti Suzuki,Sun Pharma,Tata Motors,Tata Powers,Bharti Airtel,Coal India,HDFC Ltd and Wipro.

ICICI Bank rose by 2.35 per cent to Rs 928.20 after its posted nearly 25 per cent growth in consolidated profit. Another major private lender HDFC Bank gained over 3 per cent. However,public sector major State Bank of India fell by 3.77 per cent to Rs 1,941.20 amid concerns over asset quality of state-run banks.

The major gainers were HDFC Bank,ITC,Mahindra and Mahindra,Maruti Suzuki,Sun Pharma,Tata Motors,Tata Powers,Bharti Airtel,Coal India,HDFC Ltd and Wipro.

Foreign Institutional Investors (FIIs) continued their selling spree for the third straight and they sold shares worth Rs 1,641.20 crore in these days,including provisional data of July 26 as per stock exchanges.

Steel was the top gainer from the Sensex pack with a rise of 3.94 per cent followed by Tata Motors (3.88 per cent),Sterlite Ind (3.22 per cent),Hindalco (3.12 per cent) and Bharti Airtel (2.06 per cent).

ITC jumped by 1.98 per cent,TCS (1.92 per cent),Coal India (1.33 per cent),Wipro (1.27 per cent),Tata Power (1.23 per cent),and Sun Pharma by 1.02 per cent).

However,BHEL fell by 1.93 per cent and Hero MotoCorp by 1.58 per cent.

Among sectoral indices,BSE-Metal firmed up by 2.09 per cent,BSE-FMCG by 1.35 per cent,BSE-IT by 1.28 per cent,BSE-Teck by 1.09 per cent and BSE-Auto by 0.98 per cent.

However,the market breadth continued to remain negative as as 1,703 stocks closed with losses while 1,060 scrips finished with gains.

The total turnover was up at Rs 2,174.96 crore from Rs 1,818.43 crore yesterday.

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