Sensex closes 328 points up, realty, banking stocks fuel rise (Roundup)December 1st, 2010 - 7:08 pm ICT by IANS
Mumbai, Dec 1 (IANS) A benchmark index of Indian equities markets Wednesday closed on a high for the third consecutive session, gaining over 328 points, led by realty and banking stocks that were beaten down last week.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,529.99 points, closed at 19,850 points, up 328.75 points or 1.68 percent from its previous close at 19,521.25 points.
At the National Stock Exchange (NSE), the 50-share S&P CNX Nifty ended at 5,960.9 points, up 98.2 points or 1.67 percent.
Broader markets also closed in the green, with the BSE midcap index ending 2.83 percent up and the BSE smallcap index closing 3.14 percent higher
Metal, PSU realty and banking stocks rallied strongly while telecom stocks saw some profit booking.
State-run banking and realty stocks were battered last week over the bribery scandal involving top financial institutions and real estate developers.
The market breadth was positive, with 2,381 stocks advancing, compared to 579 scrips on the decline, while 121 stocks were unchanged.
Among the gainers on the Sensex were Cipla, up 6.3 percent at Rs.365.35; Tata Steel, up 5.04 percent at Rs.613.65; M&M, up 4.53 percent at Rs.801; and Tata Motors, up 4.13 percent at Rs.1,288.15.
Major losers included Bharti Airtel, down 2.51 percent at Rs.351.35; Hero Honda, down 2.28 percent at Rs.1,928.40; Wipro, down 1.34 percent at Rs.414.55; and Maruti Suzuki, down 0.77 percent at Rs.1,412.80.
Other Asian markets were subdued with sovereign debt problems of European countries continued to cast its gloomy shadow. Reports that Portugal’s debt may be downgraded led to a fall in US markets overnight, which put downward pressure on Asian bourses.
Hong Kong’s Hang Seng ended 1.05 percent higher at 23,249.80 points, while the Shanghai composite index closed a modest 0.12 percent up at 2,823.45 points.
The Japanese Nikkei closed 0.51 percent up at 9,988.05 points.
European markets rose amid hopes that the European Central Bank would do more to help out countries struggling with rising sovereign debt in the union.
Around mid-day, Britain’s FTSE 100 was trading 1.54 percent up at 5,613.39 points, while the German DAX was 1.87 percent higher at 6,813.84 points.
The French CAC 40 was 1.12 percent up at 3,651.05 points.
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Tags: asian bourses, benchmark index, bombay stock exchange, bribery scandal, downward pressure, hero honda, market breadth, maruti suzuki, national stock exchange, profit booking, real estate developers, realty stocks, sensitive index, shadow reports, shanghai composite index, smallcap index, tata motors, tata steel, telecom stocks, top financial institutions