Sensex soars 314 points, Tata Steel stocks gain (Lead)

September 7th, 2012 - 4:33 pm ICT by IANS  

Sensex Mumbai, Sep 7 (IANS) A benchmark index of Indian equities markets was trading 314 points higher in late afternoon trade Friday in a global rally after the European Central Bank (ECB) announced a new bond buying programme.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,575.79 points, was ruling at 17,660.17 points, 1.81 percent or 313.90 points up from its previous day’s close at 17,346.27 points.

The Sensex touched a high of 17,686.99 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 was ruling 1.78 percent up at 5,331.90 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.

Asian stock markets rallied during the day. Japan’s Nikkei closed up 2.20 percent while Shanghai’s composite index closed 3.70 percent higher. Hong Kong’s Hang Seng closed up 3.09 percent.

Among the European markets, France’s CAC was up 1.35 percent and so was Germany’s DAX, up by 0.66 percent. Britain’s FTSE 100 was trading flat.

On the sectoral front, the BSE capital goods index was up 243.08 points, metal index was up 241.34 points and the realty index was up 37.02 points.

All the 30 scrips were gainers with Tata Steel being the biggest Sensex gainer and was trading 5.29 percent higher at Rs.369.20.

The other major gainers were Tata Motors, up 4.40 percent at Rs.243.30; ICICI Bank, up 4.21 percent at Rs.933.65; RIL, up 3.30 percent at Rs.792.70; and Hindalco Inds, up 3.24 percent at Rs.105.

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