Business   

Asian market rally buoys Sensex

MUMBAI: A sudden surge in Asian markets enlivened the domestic bourses on Monday with the Bombay Stock Exchange benchmark Sensex surging by over 417 points to close at 18660.32 on strong buying support in blue chips Reliance Communications and DLF.

Marketmen also ascribed the impressive surge partly to expectations of increase in liquidity as investors have started investing the refund money from Reliance Power IPO, which had received unprecedented response, back into the stock markets. Major Asian indices closed up by about 2-8 per cent, sparking off across-the-board buying support at home.

The 30-share BSE barometer settled at a two-week high of 18660.32, a gain of 417.74 points, or 2.29 per cent, from last Friday’s close of 18242.58, extending the gains for the second session on Monday.

The Sensex moved in a range of 18895.34 and 18439.33 after resuming sharply up at 18496.03.

The 50-share S&P CNX Nifty of the National Stock Exchange rose by 146 points to close at 5463.50 against 5317.25.

The market breadth too turned strong with majority of shares from all segments registering smart gains.

Reliance Communications jumped by 12 per cent, while the realty firm DLF rose by 8.5 per cent. IT majors Wipro and TCS also figured among the top gainers with their shares increasing by 6 per cent and 5 per cent, respectively. Public sector NTPC was up by 4.3 per cent.

Satyam Computer was up 4 per cent, followed by banking major SBI 3.93 per cent, Tata Steel 3.39 per cent, Infosys Technologies 3.24 per cent and Reliance 2 per cent.

The small-cap and mid-cap shares also attracted hectic buying interest throughout and their indices closed up 2.87 per cent and 3.14 per cent respectively at close. The market closed above the key resistance of 5400 for the Nifty, raising hopes that stocks will witness a strong rally, according to technical analysts.

Realty and IT stocks hogged the limelight, pushing up the respective indices by 6.53 per cent and 4.15 per cent, respectively.

The trading volume was relatively high at Rs. 5,764.15 crore against Rs. 5,578.82 crore. The broad-based BSE-100 index improved further by 256.01 points to 9940.51 from 9684.50.

The BSE-200 and the Dollex-200 were quoted sharply up at 2343.79 and 989.39 against 2280.37 and 965.07, respectively. The BSE-500 flared up by 202.79 points to 7505.14 from 7302.35. — PTI

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

HP laser printers harness web connectivity
Cabinet to take up reforms package for power distribution
Exports may miss target
Asian market rally buoys Sensex
Rupee drops 10 paise
ITC arm ties up with Parasvnath Hotels
Shyam Group’s integrated steel plant
Big investment in core sector
Zylog’s biggest facility on stream
Exchange Rates
Bullion Rates
CBDT extends date for quarterly returns
Reliance Power to list on February 11
RCom’s lifetime offer for Rs. 199
Reliance Infratel files prospectus with SEBI
ECEL ties up with Singapore company
Fujifilm to set up wholly owned subsidiary
Brand Ambassador for WGC and D’damas Gold
Simplex Infrastructures gets Qatar contract
Prithvi Information bags BSNL order

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu