Sensex regains 11k level, up by 400 pts

Sensex regains 11k level, up by 400 pts

Mumbai: The Bombay Stock Exchange benchmark Sensex moved up by 495 points and regained the 11k level at 10:15am on Monday following revival of buying by funds as well as retail investors after Finance Minister P Chidambaram said that more measures are expected to be announced to address the problem of liquidity.

The 30-share index, which plunged by over 2,528 points in the past six straight sessions, rose by 495.82 points, or 4.54% to 11,023.67 after heavy-weight stocks led by banking sectors recorded significant gains amid firming trends in Asian stock markets.

Similarly, the wide-based National Stock Exchange’s index also regained 3,400 points level by gaining 136.25, or 4.15% to 3,416.20 points after most of the index participants traded higher.

Stock brokers said sentiments turned better following Finance Minister P Chidambaram’s statement that more measures are expected to be announced to improve liquidity in the market.

ICICI Bank, country’s largest lender in the private sector, climbed by Rs56.90, or 15.63% at Rs421 on fresh spell of buying spree, lifting the BSE Banking index by 329.40 points, or 6.19 per cent to 5,648.90.

State Bank of India gained 7.75, or 6.49% at ,439.90, Axis Bank gained 2.70, or 11.35% at 15 and HDFC Bank rose by 4.65 or 4.27% at 1091.

Other gainers were Reliance Industries, Reliance Infra, RCom, Larsen and Toubro, BHEL and ACC.

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