Bullish financial and IT stocks, fall in inflation figures help BSE Sensex gain 237 points
Surge in IT stocks and lower-than expected inflation figures helped the Bombay Stock Exchange (BSE) Sensex extend its gain into the third day by 1.46 percent or 237.01 points.
The benchmark 30-share sensitivity index closed at 16,481.20 on Thursday, its strongest finish in nearly six weeks, with 23 components ending in the green. The index touched an intraday high of 16,570.57 and a low of 16,397.17.
Thursday's rally helped the Sensex post its highest close since March 5. The index, which hit a record high of 21,206.77 on Jan. 10., is still down about 19 percent this year.
The biggest gainer was HDFC Bank, which rose 6.95 percent to Rs.1396.40. India's largest bank, the state-run State Bank of India gained 1.01 percent to close at Rs.1682.85 while smaller rival ICICI Bank advanced 2.38 percent to Rs.835.20. India's top mortgage lender Housing Development Finance Corporation soared 4.32 percent to Rs.2487.30.
Among the IT stocks, IT bellwether Infosys Technologies posted the biggest gain, zooming 4.16 percent to Rs.1666.45; bigger rival Tata Consultancy Services climbed 2.71 percent to Rs.1000.90; and IT majors Wipro and Satyam Computer Services surged 2.65 percent and 3.28 percent to Rs.459.20 and Rs.468.95 respectively.
Auto majors Mahindra & Mahindra, Tata Motors and Maruti Suzuki soared 2.92 percent, 0.79 percent and 0.51 percent to Rs.638.90, Rs.618.10 and Rs.759.95 respectively.
India's top real estate developer DLF surged 4.28 percent to Rs.648.60 while telecom giant Bharti Airtel gained 2.05 percent to Rs.823.25.
Other major gainers were Hindalco (up 5.58 percent to Rs.186.35), Tata Steel (up 3.55 percent to Rs.715.20), Jaiprakash Associates (up 1.64 percent to Rs.217.25), Cipla (up 1.21 percent to Rs.221.85), Reliance Communications (up 0.89 percent to Rs.530.35), NTPC (up 0.82 percent to Rs.189.50) and Ambuja Cements (up 0.67 percent to Rs.113.10).
Top listed Reliance Industries and engineering and construction major Larsen & Toubro (L&T) fell 0.30 percent and 0.80 percent to Rs.2636.95 and Rs.2776.20 respectively. The two stocks contribute to almost a quarter of the weight of the index.
Other stocks that ended in the red were Hindustan Unilever (down 3.59 percent to Rs.232.40), ACC (down 0.85 percent to Rs.799.40), Reliance Energy (down 0.74 percent to Rs.1335.25), ONGC (down 0.14 percent to Rs.1015.95) and Ranbaxy Laboratories (down 0.01 percent to Rs.479.80).
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