The Hindu : Business : Sensex records highest gain of 413 points

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Sensex records highest gain of 413 points

Strong global cues trigger all-round buying

MUMBAI: The Bombay Stock-Exchange sensitive index registered a highest gain in the current calendar year on Friday and closed higher by 412.86 points, on the back of all-round buying triggered by stronger global cues despite sustained capital outflows.

The Sensex opened firm and remained in the positive terrain throughout the session and closed at 8756.61 against 8343.75 on Thursday. Earlier, the Sensex had gained by 492.28 points or 5.37 per cent on December 10, 2008. The 50-share Nifty of the National Stock Exchange also improved further by 101.80 points or 3.89 per cent to 2719.25.

Besides China and South Korea, other Asian indices ended in the green with a rise between 3 per cent and 5.62 per cent.

On the Wall Street, the Dow Jones Industrial Average climbed by 3.46 per cent and the Nasdaq Composite Index by 3.97 per cent on Thursday. Realty, metal, banking and IT counters were at the forefront while others also registered smart to moderate gains at close.

Domestic funds active

Contrary to market sentiment, foreign institutional investors sold shares worth Rs. 186.86 crore while domestic funds pumped in Rs. 227.10 crore on March 12, as per provisional figures. The fall in inflation rate for the sixth consecutive week to 2.43 per cent, the lowest in nearly seven years, also partly boosted sentiment.

In the Sensex pack, DLF spurted by 11.47 per cent, Tata Motors by 10.72 per cent, Tata Power by 9.18 per cent, ICICI Bank by 8.60 per cent, Hindalco by 7.99 per cent, Sterlite Industries by 7.93 per cent, HDFC by 7.53 per cent, Tata Steel by 6.89 per cent, L&T by 6.76 per cent, Reliance Industries by 6.69 per cent, and TCS by 6.57 per cent. Jaiprakash Associates rose by 6.22 per cent, Reliance Communication by 6.18 per cent and Grasim by 6.05 per cent.

The market breadth was positive as 1,583 counters registered gains while 854 ended with losses on the BSE. The business volume improved further to Rs. 3,230.11 crore from Rs. 2,726.77 crore on Thursday. ICICI Bank was the top-traded share with the highest turnover of Rs. 253.55 crore. — PTI

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