Sensex ends 1.46 percent up as oil falls to two-week low (Roundup)March 14th, 2011 - 7:17 pm ICT by IANS
Mumbai, March 14 (IANS) A benchmark index for Indian equities markets advanced 1.46 percent Monday, led by good buying support in energy and metal stocks, as crude oil price fell to two-week low and experts said Japan crisis was unlikely to impact India.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the red at 18,167.10 points, moved into positive within a few minutes of trading and ended the day at 18,439.48 points, up 1.46 percent or 265.39 points from the previous close of 18,174.09 points.
The benchmark Sensex touched a high of 18,463.84 points and the low of 18,155.43 points in the intra-day trade.
At the National Stock Exchange (NSE), the broader 50-share S&P; CNX Nifty closed 1.58 percent or 86.05 points at 5,531.50 points.
There was a strong buying support in oil and gas, metal, IT and banking stocks. The oil and gas index of the BSE climbed 2.24 percent. The BSE metal index advanced over two percent. The BSE IT index rose 1.48 percent and the Bankex climbed 1.36 percent.
Crude oil price fell to two-week low on concern that the devastating earthquake and tsunami in Japan will weaken demand in the world’s third largest economy. Crude oil price fell to $98.55 a barrel (159 litres) on the New York Mercantile Exchange Monday.
Of the broader markets, the BSE midcap index gained nearly half a percent and the BSE smallcap index closed 0.26 percent higher.
Reliance Comm surged nearly six percent to close at Rs.101.85.
Other top gainers on the Sensex were: Reliance Infra, up 3.70 percent at Rs.627; Tata Power, up 3.65 percent at Rs.1,248; Tata Steel, up 3.44 percent at Rs.602; Jaiprakash Asso, up 2.75 percent at Rs.84.20; and RIL, up 2.71 percent at Rs.1,018.50.
Only four of the 30 Sensex scrips closed in the red. Bharti Airtel, down 0.40 percent at Rs.321.55; Hindustan Unilever, down 0.16 percent at Rs.277.50; ONGC, down 0.14 percent at Rs.280.90; and Hero Honda, down 0.06 percent at Rs.1,531.15 were Sensex losers.
Global markets were mixed as Japan, the world’s third largest economy, reels under the biggest crisis since World War II.
The Japanese Nikkei average tumbled 6.18 percent at 9,620.49 points, the sharpest one-day fall since October 2008. Investors dumped stocks as the country struggles to avert nuclear disaster after being rocked by a devastating earthquake and tsunami last week.
The Monday’s sell-off wiped out nearly $287 billion from the market capitalisation of the Tokyo Stock Exchange.
Hong Kong’s Hang Seng advanced 0.41 percent at 23,345.90 points and China’s Shanghai Composite index closed 0.13 percent higher at 2,937.63 points.
Most European markets were in the red. Around mid-day, the French CAC 40 was trading 0.25 percent down, the German DAX was down 0.76 percent and Britain’s FTSE 100 was trading 0.13 percent lower.
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