Sensex closes 338 points high, Tata Steel stock soars (Second Lead)

September 7th, 2012 - 5:45 pm ICT by IANS  

Sensex Mumbai, Sep 7 (IANS) A benchmark index of Indian equities markets closed 338 points higher Friday in a global rally after the European Central Bank (ECB) unveiled a new bond buying programme.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,575.79 points, closed 17,683.73 points (provisional), 1.95 percent or 337.46 points up from its previous day’s close at 17,346.27 points.

The Sensex touched a high of 17,701.20 points and a low of 17,575.79 points in intra-day trade.

The wider 50-scrip S&P; CNX Nifty of the National Stock Exchange closed 1.98 percent up at 5,342.10 points.

Overnight, US stocks had hit a four-and-a-half-year high after the ECB said there will be no limits to the purchases of government bonds with maturities of one to three years.

The programme is aimed at keeping the short-term borrowing rates of countries like Italy and Spain at manageable levels, giving them time to enact debt reduction measures and economic reforms.

On the sectoral front, the BSE capital goods index was up 281.70 points. And so were the realty index, up 40.63 points and the metal index, up 252.32 points.

All the 30 scrips were gainers with Tata Steel being the biggest Sensex gainer. It closed 5.72 percent higher at Rs.370.70.

The other major gainers were ICICI Bank, up 4.68 percent at Rs.937.85; Tata Motors, up 4.40 percent at Rs.243.30; Larsen and Toubro, up 3.86 percent at Rs.1,367.90; and Hindalco Inds, up 3.39 percent at Rs.105.15.

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