Sensex rises 0.79% led by realty, metals

Sensex rises 0.79% led by realty, metals

Mumbai: After two days of mayhem, the markets got a reprieve on Saturday on a special 90-minute session with the BSE benchmark Sensex gaining 125 points on all-round buying driven by positive cues from the Wall Street.

The Bombay Stock Exchange (BSE) 30-share index Sensex resumed higher by 142 points and touched an intraday high of 15,951.07 points before ending at 15,915.65, a net rise of 124.72 points, or 0.79%, from its last close. On Friday, it crashed by 434 points on global cues.

Significantly, all the sectoral indices ended in the green, with the worst hit sectors in the past two sessions - realty, metals, oil & gas and IT counters - leading the rally.

The National Stock Exchange’s 50-share index Nifty also shot up by 38.60 points, or 0.82%, to finish at 4,757.25 from its previous close, after opening over 42 points.

US stocks rose on Friday on speculation that the European Union may propose a solution for Greece’s budget deficit. The Dow Jones Industrial Average closed flat after rising 163 points intraday due to last hour profit booking, while Nasdaq gained 0.74% and the S&P 500 0.29%.

The markets also got some consolation from the chairman of the Prime Minister’s economic advisory council C. Rangarajan, who had on Friday said the government might not roll back the economic stimulus measures at a go and efforts could be be made in the budget to lower fiscal deficit, said marketmen.

Realty and metals were the biggest gainers. While realty counter rally was charged by the largest real estate company DFL which rose by 1.60% and the metals rally was driven by Hindalco which shot up 2.39%.

The Sensex gainers pack was led by Hindalco, followed by Jaiprakash Associates which gained 2.24%, Sterlite 1.73%, Infosys 1.59%, Tata Steel 1.50%, Wipro 1.42%, RIL 1.26%, Tata Power 1.22%, Tata Motors 1.11% and M&M rose 1.07%.

Among the BSE sectoral indices, the Realty rose by 69.63 points, or 2.14%, followed by the Metals by 246.53 points, or 1.60%, the Oil & Gas by 115.57 points, or 1.21%, and the IT by 49.68 points, or 1.04%.

The small-cap and mid-cap indices also finished higher by 124.01 points, or 1.54%, and 88.56 points, or 1.40%, respectively.

The market breadth was positive with 1,931 shares ending with gains while only 607 finished with losses on the BSE.

Trading volume was limited to Rs835.26 crore. Reliance Media World was the top traded share with a turnover of Rs29.42 crore followed by Essar Oil (Rs25.26 core), Reliance Industries (Rs21.46 crore), Indraprastha Gas (Rs19.71 crore) and SpiceJet (Rs18.22 crore).