Millennium Post
Business

Sensex ends in green, gains 434 pts

In sync with global sentiment and the government trying to speed up investment decisions, Sensex on Wednesday went up by 434 points, the highest single-day gain in 2012, making investors richer by over $23.4 billion.

While the global sentiment was upbeat on fresh initiatives by European Central Bank to fix the crisis in Eurozone, domestic factors like Prime Minister Manmohan Singh's bid to fast track the big-ticket infrastructure projects helped the mood.

Investor wealth grew by a whopping Rs 1.30 lakh crore [$23.4 billion] on Wednesday to Rs 58.64 lakh crore as six out of 10 stocks gained on the domestic bourses on Wednesday, extending a three-day upsurge.

Led by banks, infra and automobile stocks on hopes that the Reserve Bank of India will further cut interest rates later this month, Sensex opened at 16,100.36 with a gain of 80 points.

The investors took cues from the Asian markets which were up 1-2 per cent. In the afternoon session, the signals from the European markets were also positive with gains upto 3 per cent.

‘Rising hope of policy rate cut by RBI, expected positive outcome from upcoming ECB meet cheered domestic stocks,’ said Sharmila Joshi, Head Equity, Fairwealth Securities.

All the 30 Sensex stocks ended higher with gains led by Tata Motors, L&T, Jindal Steel, Hero MotorCorp and Sterlite Industries.
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