Sensex zooms 241 points to hit two-month high
Mumbai: BSE Sensex zoomed nearly 241 points to close at a two-month high of 27,140.41 and NSE Nifty surpassed the crucial 8,300-mark on widespread gains following sustained buying by participants amid encouraging start of the corporate earnings season.
A better closing at other Asian markets and a mixed trend at European bourses in their early trade too influenced sentiments. Brokers said market has regained its strength as domestic institutional investors (DIIs) continue to pour into the domestic market, helping the key indices to recapture their respective key levels.
Besides, investors widened their bets on optimism that upcoming general budget—to be unveiled next month—would contain a series of incentives for corporates to help boost the economy, they added. The 30-share Sensex resumed higher at 26,978.44, quickly breached the 27,000-mark to hit a high of 27,174.87 before winding up at 27,140.41, scoring a notable rise of 240.85, or 0.90%.
The Sensex had closed at 27,517.68 on 10 November last year. The NSE Nifty also climbed 92.05 points, or 1.11%, to end at 8,380.65 after trading between 8,389 and 8,322.25. (the key index had closed at 8,525.75 on November 10, 2016).
Stocks of IndusInd Bank on Wednesday surged 6.16% to close at Rs1,233.45 after the company reported a 29% surge in its December quarter net profit. As per provisional data release by the stock exchanges, DIIs bought shares worth a net Rs253.36 crore on Tuesday, while foreign portfolio investors (FPIs) sold shares worth a net Rs21.20 crore.
Among the sectoral indices, metal climbed 4.42% bankex 2.40%, PSU 1.72%, capital goods 1.39%, power 1%, auto 0.95%, healthcare 0.76%, consumer durables 0.67%, oil & gas 0.47% and realty 0.13%.
The BSE mid-cap index and the BSE small-cap index both gained by 1.37% and 0.98%, respectively.
Out of 30-index stocks, 23 scrips ended with gains, while seven registered loss. Globally, Asian stocks ended higher with Japan’s Nikkei rising 0.33%, while Hong Kong’s Hang Seng gained 0.84%, while among European markets, London FTSE was up 0.18%, Frankfurt rose 0.07%, while Paris gained 0.03%.