Sensex logs biggest gain of 265 points in 2013, regains 19K-mark

Last Updated: Tuesday, March 5, 2013 - 18:11

Mumbai: Across-the-board buying on strong global cues and indications of more sops by Finance Minister during the course of debate on Budget in Parliament lifted the BSE benchmark Sensex on Tuesday by over 265 points -- its biggest gain in this calendar year -- to end at 19,143.17.

Helped by gains in realty, metal and banks, Sensex spurted by 265.21 points, or 1.40 percent to close at 19,143.17, recording its biggest single day gain since November 29, 2012 when it had soared by nearly 329 points.

Today's stocks rally pushed up investor wealth by Rs 1 lakh crore as 1,679 scrips ended with gains across the market.

Finance Minister P Chidambaram yesterday had assured India Inc that a clutch of decisions, mainly on indirect taxes, would be announced during the course of debate on budget and Finance Bill in Parliament.

Brokers said along with the jump in Asian stocks amid optimism central banks will continue stimulus measures to boost their economies, the Finance Minister's comments triggered off a spate of buying.

All 13 sectoral indices closed with gains between 0.22 percent and 3.13 percent with interest rates sensitive segments realty, banking and auto taking the lead.

"The FM seems to be in an overdrive mode promising more announcements and steps to revive growth and investment. The undertone remains slightly positive for the coming days," said Amar Ambani, Head of Research, IIFL.

Bank stocks like ICICI Bank, SBI and HDFC Bank moved up on hopes that RBI will cut interest rates later this month.

Overall, 26 out of 30 Sensex-based scrips closed up.

"Rate-sensitive sectors like Banking and Realty rebounded from lower levels on expectations of probable rate," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.

Yesterday's battered metal counters like Hindalco, Tata Steel and Sterlite Industries also notched up smart gains.

RIL jumped 1.69 percent after Morgan Stanley reportedly upgraded its rating on the stock.

The CNX Nifty of the NSE also flared up by 85.75 points or 1.50 percent to end at 5,784.25.


First Published: Tuesday, March 5, 2013 - 16:58
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