Sensex up 88 points; Bharti Airtel, ONGC surge
Mumbai: The BSE benchmark Sensex Tuesday closed over 88 points higher, led by bluechips Bharti Airtel and ONGC as foreign funds resumed buying following a firm trend in global markets.
In a highly volatile trade, the 30-share index resumed the day higher at 18,613.84 but tumbled down in intra-day but again gained and settled 88.26 points, or 0.48 percent higher at 18,629.15. Sensex had slumped to an over two-month low of 18,540.89 yesterday.
Similarly, the wide-based National Stock Exchange index Nifty rose by 18.85 points, or 0.34 percent, to close at 5,609.10. Also, SX40 index, the flagship index of MCX-SX, closed 84.79 points, or 0.77 percent higher at 11,097.94.
Brokers said the recent fall in share prices attracted valued buying in some fundamentally stong stocks. Also, a better trend in overseas markets further influenced the uptrend, they added.
The Asian market firmed up and European stocks opened higher as the People's Bank of China allayed concern over a cash crunch and investors awaited US home sale data.
Out of the 30 BSE index components, 16 shares rose led by Bharti Airtel, ONGC and Mahindra & Mahindra gaining 4.34 percent, 3.80 percent and 3.18 percent, respectively.
Sectorally, the oil and gas sector rose by 1.53 percent to 8,222.62 followed by capital goods sector settled 0.68 percent higher at 8,772.03.