Millennium Post

Sensex soars 206 points to end at 1-week high

Rising for the second day, Sensex on Friday gained over 206 points to end at nearly one-week high on sustained value buying in refinery, banking and auto stocks after the rupee appreciated after six days of losses.

Major Sensex gainers in Friday's trade were Bhel, Tata Motors, HDFC Bank, ICICI Bank, State Bank of India, HDFC Ltd., Coal India, Jindal Steel, Tata Steel, Sterlite Industries, Maruti Suzuki, Mahindra and Mahindra and Sun Pharma.

The 30-share S&P BSE benchmark index Sensex, which had surged 408 points in the previous session, rose further by 206.50 points, or 1.13 per cent to end at 18,519.44 -- the highest closing since August 16 (18,598.18).

Brokers said the stock market sentiment improved as the battered rupee rebounded from all-time low levels of 65.56 to 64.12 per dollar after the government and Reserve Bank of India (RBI's) assurances.

The broad-based National Stock Exchange index Nifty rose by 63.30 points, or 1.17 per cent to 5,471.75. Also, SX40 index, the flagship index of MCX-SX, closed up at 10,960.73, higher by 142.85 points or 1.32 per cent. In the Sensex pack, Reliance Industries surged 1.64 per cent to Rs 819.05 after the company and its partner BP plc announced a new gas condensate discovery off the east coast in the Cauvery basin.Private lenders like HDFC Bank and ICICI Bank saw heavy buying as investors judged recent losses as excessive.

Led by over 8 per cent surge in BHEL, the capital goods sector index gained the most rising 2.04 per cent to 7,235.68.It was followed by banking index by 1.91 per cent to 10,791.32. Oil and Gas sector index rose by 1.59 per cent to 8,191.04 and the auto index by 1.51 per cent to 10,248.18. Asian stocks ended mixed after reports from Europe suggested a global economic recovery is under way. Key indices in Japan, South Korea and Taiwan firmed up while measures in China, Hong Kong and Singapore fell.

A Nasdaq Stock Market outage on Thursday halted trading in US stocks for most of Thursday. The market breadth remained positive as 1,336 shares ended with gains, 981 finished with losses and 151 were unchanged. Total turnover dropped to Rs 1,960.40 crore from Rs 2,323.03 crore on Thursday.
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