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Sensex jumps 3 percent; metal, banking stocks rally

Friday October 07, 2011 06:16:17 PM, IANS

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Mumbai: A benchmark index of Indian equities surged nearly three percent Friday, led by strong buying support in metal and banking stocks amid positive cues from global bourses

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened sharply high at 16,222.49 points, closed at 16,232.54 points, up 440.13 points or 2.79 percent from its previous close at 15,792.41 points.

The Sensex touched a high of 16,347.48 points and low of 16,148.97 points in the intra-day.

The 50-scrip S&P CNX Nifty of the National Stock Exchange closed 2.83 percent higher at 4,885.70 points.

All the broader markets as well as the sectoral indices also closed in the positive terrain. The BSE midcap closed 1.37 percent higher at 5,959.65 points and the smallcap index ended 1.15 percent up at 6,721.00 points.

Metal index surged 5.36 percent at 10,907.84 points, leading the rally among the BSE sectoral indices. Banking index soared 3.82 percent at 10,342.28 points.

Sterlite Industries and Jindal Steel surged more than 8 percent. Other major Sensex gainers were: Tata Motors, up 7.73 percent at Rs.158.80; ICICI Bank, up 5.82 percent at Rs.824.30; DLF, up 5.81 percent at Rs.218.45 and Hindalco Inds, up 4.83 percent at Rs.125.95.

Only two of the 30 Sensex scrips closed in the red. Bharti Airtel fell 3.34 percent at Rs.354.80 and HeroMotoCop closed 0.26 percent down at Rs.1,941.05.

Most other Asian markets advanced for the second straight day on optimism of the European crisis easing.

Japan's Nikkei rose 0.98 percent at 8,605.62 points and Hong Kong's Hang Seng index advanced 3.11 percent at 17,707 points. However, the Chinese Shanghai Composite index closed 0.26 percent down at 2,359.22 points.

European markets were trading in the negative due to profit booking after the recent rally.

Britain's FTSE 100 was down 0.21 percent at 5,279.91. German DAX was ruling 0.45 percent down at 5,619.83 points and French CAC 40 index was down 0.58 percent at 3,057.64 points.







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