In Christmas-eve bonanza, Sensex jumps 692 points

Dalal Street was on a celebration mood on the Christmas-eve. Led by infotech shares, the benchmark...

Dalal Street was on a celebration mood on the Christmas-eve. Led by infotech shares, the benchmark Sensex surged by 692 points, or 3.61 per cent, to 19,854.12 on strong global cues. Investor confidence revived across the world after strong US consumption data and a rally on Wall Street on Friday diminished some concerns about the American economy.

Infotech stocks climbed on hopes that the US economy may avoid a recession. The BSE IT index rose 6.04 per cent and outperformed the Sensex. India8217;s second largest software exporter Infosys Technologies soared 6.63 per cent and third largest software exporter Wipro soared 8.86 per cent on reports it may bid for France8217;s Capgemini by the end of January 2008 in a deal valuing the latter at around 7 billion.

The broader CNX S038;P Nifty rose 218.60 points or 3.79 per cent, to 5985.10. The BSE Mid-Cap index rose 2.06 per cent to 9,211.71. The BSE Small-Cap index climbed 1.42 per cent to 11,980.57. Both these indices underperformed the Sensex. Oil refiner Reliance Industries rose 2.70 per cent and HDFC soared 6.33 per cent. The BSE Bankex rose 3.38 per cent to 11,101.74. It underperformed the Sensex but ICICI Bank rose 4.40 per cent.

8220;A stronger-than-expected US consumer spending calmed fears the world8217;s top economy was heading into a recession. The market also cheered a comfortable victory for BJP in the Gujarat state election, as it helped lessen worries that the ruling Congress party could call an early national election,8221; said a BSE dealer. It was the index8217;s biggest percentage gain since November 14, when it had risen 4.69 per cent, and at the close the market was 3.1 per cent below its record high of 20,498.11 hit on December 13.

Hong Kong8217;s market was lifted by gains in property developers, with the benchmark Hang Seng Index gaining 501.88 points, or 1.8 per cent, to 28,128.80 in a half-day session ahead of a two-day Christmas break. Stocks also advanced strongly in China, South Korea and Taiwan. Investors were heartened by a US Commerce Department report on Friday that showed personal spending rose by 1.1 per cent in November, the largest amount in 3 1/2 years, easing concerns that the US economy 8212; a vital export market for Asia 8212; would slide into a recession.

BSE Sectoral Indices

AUTO Mahindra 038; Mahindra 4.9; Apollo Tyre 3.9

BANKEX PNB 6.5; Indian Overseas 5.7

CD Lloyd Electric 038; Eng. 5; Rajesh Exports 2.4

CG Areva T 038; D 10.5; Punj Lloyd 5.4

FMCG United Spirits 3.3; Hindustan Unilever 1.4

HC Pfizer 5.6; Sun Pharma 5.2

IT Wipro 8.9; Infosys 6.6

METAL Jindal Saw 6.9; NALCO 5.5

OIL038;GAS GAIL 9; ONGC 4.8

POWER Areva T 038; D 10.5; Reliance Energy 6.1

PSU GAIL 9; PNB 6.5