BSE Sensex stages smart recovery, up over 400 points
As per market analysts, better than expected manufacturing activity in China supported buying in metal stocks pushing the surge in market.
Zee Media Bureau/Reema Sharma
New Delhi: Recovering from its early losses, the BSE benchmark Sensex on Thursday gained over 400 points on low level buying amid firm trend overseas.
The BSE benchmark Sensex last traded up 407 point at 18,312. Similarly, the wide-based National Stock Exchange index Nifty edged up by 105 points to quote at 5,407.
As per market analysts, better than expected manufacturing activity in China supported buying in metal stocks pushing the surge in market. Activity in China's vast manufacturing sector hit a four-month high in August. The Flash HSBC Purchasing Managers' Index rose to 50.1 from July's final reading of 47.7, which was the weakest in 11 months.
Top gainers at BSE were Tata Steel (8.19 percent), Sterlite Industries (7.64 percent), ONGC (5.70 percent) and Bharti Airtel (5.37 percent).
Similarly, top gainers at NSE were Sesa Goa (7.42 percent), Ranbaxy (7.25 percent), Jayprakash Associates (6.92 percent), Tata Steel (6.61 percent) and ONGC (5.76 percent).
However, the rupee fell by 148 paise to 65.56 against the dollar, breaching its previous low of 64.54 hit on Wednesday.
In its opening trade, however, the 30-share index had gained by 58 points to 17,964 after falling over 1,461 points in the previous four sessions.
In Europe, Germany's benchmark DAX index traded up 0.9 percent, while London's FTSE was up nearly one percent.