Mumbai: The Bombay Stock Exchange’s Sensex surged by more than 375 points on 8 August, on heavy buying by funds in heavy-weight stocks led by information technology and oil stocks.
The key index, which suffered three record losses since 27 July, zoomed by 375.21 points at 15,307.98, after touching the day’s high of 15,340.24 and a low of 15,088.07 points.
Similarly, the wide-based National Stock Exchange’s Nifty closed higher by 105.75 points at 4,462.10. It touched an intra-day high of 4,471.95 and a low of 4,356.75 points.
“The market gained the most in a week as software exporters led by Infosys Technologies recorded heavy gains after the rupee fell the most in two months,” Mumbai-based broker Ratnesh Gupta said.
He said the firm dollar would boost the value of IT companies revenue from the US, from where Indian companies generate about 60% of the business.
Buying activity, which started with a rise in IT and banking shares, spread over a wide front and lifted almost all sectoral indices by a significant margin.
A sharp rise in Sensex-heavy refiner Reliance Industries also boosted the trading sentiment to some extent. Oil and gas segment index gained 244.20 points at 8048.75.
Second-biggest gainer was capital goods index, rising by 228 points at 13,032.66, followed by IT sector index by 189.96 points at 4,808.43.