Sensex logs highest gain in over 3 months of 265
7 March 2013 5:01 AM IST
Across-the-spectrum buying following strong global cues amid indications of more sops by Finance Minister P Chidambaram during the course of the debate on the Budget and Finance Bill in Parliament, lifted the BSE’s benchmark S&P Sensex by over 265 points, the biggest gain in absolute terms in the current calendar year, regaining the 19,000-mark to end at 19,143.17.
Chidambaram had assured India Inc on Monday that he would announce various measures to enhance economic growth, including taking a decision on indirect taxes and also expressed confidence that the central bank would reduce interest rates in the near future. He also said that the SEBI chairman would meet FIIs shortly to address their concerns and he himself had also decided to travel abroad to remove any fears of foreign investors.
Buying was so strong that all 13 sectoral indices closed with gains of between 0.22 and 3.13 per cent, with interest rate-sensitive segments realty, banking and auto taking the lead. Overall, 26 out of 30 Sensex-based scrips closed in the green while four finished in the red. Monday’s battered metal counters too attracted fresh buying support.
The Bombay Stock Exchange’s 30-share barometer resumed higher and gradually moved upwards to end at 19,143.17, a net rise of 265.21 points (1.4 per cent). Last time it had spurted by 328.83 points (1.75 per cent) on November 29, 2012.
The 50-issue CNX Nifty of the NSE also flared up by 85.75 points (1.5 per cent) to 5,784.25. Mid-cap and small-cap, which were under heavy onslaught recently, also were in demand on fresh buying by retail investors.
Interest rate-sensitive stocks were in the limelight on hopes of cut in the key interest rates by the Reserve Bank of India in its coming monetary policy review meeting on March 19, despite signalling less room for aggressive policy rate cuts by the apex bank in its previous meeting.
Asian stocks closed with gains between 0.10 and 2.33 per cent amid speculation that central bankers around the world would continue their stimulus measures and as China maintained its economic-growth target for 2013.
European markets too were trading strong in their early deals. The CAC was up by 1.58 per cent, the DAX by 1.53 per cent and the FTSE by 0.78 per cent.
Back home, the S&P BSE-Realty shot up by 3.13 per cent, S&P BSE-Metal by 2.65 per cent, S&P Bankex by 1.89 per cent, S&P BSE-Auto 1.78 per cent, S&P BSE-Oil&Gas by 1.54 per cent, S&P BSE-IT by 1.50 per cent, S&P BSE-CG by 1.48 per cent, S&P BSE-Teck by 1.45 per cent and S&P BSE-HC by 1.37 per cent. The total market breadth turned positive with 1,679 stocks gaining ground against 1,142 finishing with losses. The total turnover was low at Rs 1,787.69 crore.
Major gainers from the Sensex pack were Sterlite Ind (4.47 per cent), Hindalco (4.29 per cent), Tata Motors (3.73 per cent), ICICI Bank (3.36 per cent), Wipro (3.3 per cent), Cipla 2.95 (per cent), Maruti Suzuki 2.75 (per cent), Jindal Steel (2.72 per cent), Tata Steel (2.69 per cent) and L&T (2.13 per cent).
Chidambaram had assured India Inc on Monday that he would announce various measures to enhance economic growth, including taking a decision on indirect taxes and also expressed confidence that the central bank would reduce interest rates in the near future. He also said that the SEBI chairman would meet FIIs shortly to address their concerns and he himself had also decided to travel abroad to remove any fears of foreign investors.
Buying was so strong that all 13 sectoral indices closed with gains of between 0.22 and 3.13 per cent, with interest rate-sensitive segments realty, banking and auto taking the lead. Overall, 26 out of 30 Sensex-based scrips closed in the green while four finished in the red. Monday’s battered metal counters too attracted fresh buying support.
The Bombay Stock Exchange’s 30-share barometer resumed higher and gradually moved upwards to end at 19,143.17, a net rise of 265.21 points (1.4 per cent). Last time it had spurted by 328.83 points (1.75 per cent) on November 29, 2012.
The 50-issue CNX Nifty of the NSE also flared up by 85.75 points (1.5 per cent) to 5,784.25. Mid-cap and small-cap, which were under heavy onslaught recently, also were in demand on fresh buying by retail investors.
Interest rate-sensitive stocks were in the limelight on hopes of cut in the key interest rates by the Reserve Bank of India in its coming monetary policy review meeting on March 19, despite signalling less room for aggressive policy rate cuts by the apex bank in its previous meeting.
Asian stocks closed with gains between 0.10 and 2.33 per cent amid speculation that central bankers around the world would continue their stimulus measures and as China maintained its economic-growth target for 2013.
European markets too were trading strong in their early deals. The CAC was up by 1.58 per cent, the DAX by 1.53 per cent and the FTSE by 0.78 per cent.
Back home, the S&P BSE-Realty shot up by 3.13 per cent, S&P BSE-Metal by 2.65 per cent, S&P Bankex by 1.89 per cent, S&P BSE-Auto 1.78 per cent, S&P BSE-Oil&Gas by 1.54 per cent, S&P BSE-IT by 1.50 per cent, S&P BSE-CG by 1.48 per cent, S&P BSE-Teck by 1.45 per cent and S&P BSE-HC by 1.37 per cent. The total market breadth turned positive with 1,679 stocks gaining ground against 1,142 finishing with losses. The total turnover was low at Rs 1,787.69 crore.
Major gainers from the Sensex pack were Sterlite Ind (4.47 per cent), Hindalco (4.29 per cent), Tata Motors (3.73 per cent), ICICI Bank (3.36 per cent), Wipro (3.3 per cent), Cipla 2.95 (per cent), Maruti Suzuki 2.75 (per cent), Jindal Steel (2.72 per cent), Tata Steel (2.69 per cent) and L&T (2.13 per cent).
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