Mumbai: The benchmark Sensex gained for the fifth straight session by rising over 128 points on the Bombay Stock Exchange on 30 August on heavy buying by funds.
The BSE 30-share index, which maintained a level above 15,000 points after a long gap, gained 128.70 points to touch its highest closing mark this month at 15,121.74, a level last seen on July 11. Although, during the day, the Sensex rose to 15,200.81 and fell to a low of 15,053.98 points.
The second wide-based National Stock Exchange index Nifty also rose by 53 points at 4,412.30, after touching a high of 4,422.30 and a low of 4,359.75.
The maximum support to the market came in from banking segment stocks. The Banking index, Bankex, rose by 98.72 points to 7,751.50 followed by metal index by 93.54 points to 11,297.31. Auto index gained by 65.01 points to 4,776.70.
Information technology index spurted by 47.90 points at 4,552.30 as the segment major Infosys led software exporters higher after it announced plans to raise prices and said US demand for its services may increase.
Tata Steel, the world’s sixth-biggest steelmaker, also gained after Credit Suisse Group raised its price estimate for the stock.
Mumbai: The stock markets continued to rally for the fifth straight day on 30 August as the benchmark Sensex soared by 208 points during morning trade on the back of consistent short-covering ahead of the expiry of August series of derivatives.
The market sentiment was bolstered by a strong global turnaround, buoyed by the release of a letter from US Federal Reserve Chairman Ben Bernanke assuring to take required steps to mitigate the adverse effects on the economy, arising from the financial market turmoil.
The BSE barometer opened firm at 15,168.69 and later moved to a high of 15,200.81, a rise of 208 points over yesterday’s close of 14,993.04.
The 30-share index later trimmed the gains and was quoted at 15,122.65 at 10.30 am.
Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) jumped by 51.05 points to a high of 4,410.35 before being quoted at 4,388.05 at 10.30 am against previous close of 4,359.30.
The market witnessed across the board buying support, particularly short-covering by foreign institutional investors (FIIs) and operators on the concluding day of derivatives contract, brokers said.
They expected a long-term rally considering a large part of about 65% roll over to derivatives next series.
Asian markets were quoted up by about 1.0 to 2.5% during morning trade following a strong rally in Wall Street last night.