BSE Sensex posts second biggest single-day points gain, closes above 16K level
The prime index of the Bombay Stock Exchange (BSE), the Sensex, continued its bull-run on Tuesday, surging 6.1 percent to its highest close in almost three weeks on news of unexpected rise in US home sales that eased concerns about the health of the world's largest economy.
The benchmark 30-share index added 6.07 percent, or 928.09 points, to 16,217.49, its best close since March 5, with all the components ending in the green. The key index touched the day's high of 16,262.38 and a low of 15,612.61 points. It was the biggest percentage gain since a 6.6 percent jump on Jan. 25. The 928.09 points jump is also the second biggest single-day points gain in absolute terms in the history of the index.
India's No.2 bank, ICICI Bank gained 9.37 percent to Rs.879.95 while IT bellwether Infosys Technologies rose 9.64 percent to Rs.1492.55. Top listed firm Reliance Industries (RIL) rose 5.16 percent to Rs.2314.40. The three stocks account for almost a third of the weight of the main index.
Reliance stock surged on news that it would shut down nearly two-third of its 1400 petrol pumps in the next couple of weeks, as it is unable to compete with the subsidized sales by dominant state firms. The firm is expected to completely shut down its loss-making petroleum retailing business by April. According to market analysts, although the topline will take a hit, Reliance's margins will improve with the loss-making unit being shut.
Jaiprakash Associates, DLF and Reliance Energy, which were battered badly the past few days in a volatile market, showed their mettle today, ending up an astounding 16.38 percent, 13.47 percent and 12.97 percent to Rs.233.10, Rs.678.65 and Rs.1300.15 respectively.
IT stocks Wipro, TCS and Satyam Computer Services put up a fine display, ending up 9.02 percent, 6.38 percent and 5.10 percent to Rs.434.70, Rs.875.95 and Rs.411.05 respectively.
Financial institutions HDFC Bank and its bigger rival State Bank of India (SBI) gained 6.02 percent and 5.76 percent to Rs.1417.90 and Rs.1740.20 respectively.
Top mortgage lender Housing Development Finance Corporation (HDFC) rose 8.63 percent to Rs.2589.75.
BHEL, ONGC, Tata Steel and Hindalco gained 7.55 percent, 7.25 percent, 6.98 percent and 6.04 percent to Rs.2012.55, Rs.1074.95, Rs.633.80 and Rs.163.15 respectively.
Reliance Communications rose 5.79 percent to Rs.538.20 while NTPC gained 4.37 percent to Rs.199.60.
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