Mumbai: The Bombay Stock Exchange benchmark Sensex spurted nearly 388 points on Thursday on aggressive buying by funds, triggered by better-than-expected corporate earnings and firming Asian markets.
Market players covered pending positions amid reports of
good quarterly earnings by blue-chip stocks and this further
supported the rally.
The Sensex, which had lost 220 points in the previous
day`s trading, rebounded to end with a gain of 387.92 points
at 15,231.04 as 28 stocks among the 30 in Sensex gained and
two settled with losses.
The key index moved between 15,264.84 and 14,997.75.
The 50-share National Stock Exchange index Nifty rose
124.85 points to 4,523.75. It touched the day`s high of
4,532.40 and a low of 4,405.95.
Brokers said the rally on other Asian equity markets with
Hong Kong`s Hang Seng index rising by 2.96 per cent and
encouraging quarterly earnings by blue-chip companies mainly
buoyed trading sentiment.
They said sentiment turned bullish on steady news of good
quarterly earnings by pivotals led by ITC Ltd, and
positive economic data boosted trading sentiment.
Major gainers that supported the Sensex were Reliance
Industries, Infosys Technologies, ICICI Bank, ITC Ltd and
Maruti Suzuki. All the five carry nearly 34 per cent weight
on the index.
Gains this year increased to 58 per cent on today`s
advance, the world’s fifth-best performance. Eleven of the 30
Sensex companies have reported their results so far, with nine
beating analysts’ expectations.
The realty sector index gained the most, rising 5.08
per cent at 3,635.69, followed by consumer durables, which was
up 4.47 per cent to 3,066.21.
The metals index surged 4.32 per cent to 11,835.68 on
reports of base metals rising at the London Metal Exchange.
The FMCG index rose 3.95 per cent to 2,547.12, auto
3.87 per cent to 5,274.23, healthcare 2.85 per cent to
3,845.72, power 2.59 per cent to 2,855.98, oil and gas 2.39
per cent to 9,589.83, capital goods index 2.08 per cent to
12,394.35, information technologies 1.99 per cent to 3,707.22
and banking index 1.73 per cent to 8,409.08.