The Hindu Business Line : Sensex gains 140 on smart rally

AFTER several days of volatile movements, equities on Monday staged a smart rally with active buying in index stocks by institutional investors. However, the undertone in the market remained somewhat bearish, as day traders and retail investors mostly stayed away.

The key indices opened firm in the morning and as the day progressed, further buying from FIIs and some local institutions kept stock prices firm. Later in the day, short covering by select players further lifted stock prices.

At close, the BSE Sensex gained 139.87 points (2.42 per cent) to close at 5,926.22. On NSE, S&P CNX Nifty closed at 1880.70, up 47.05 points (2.57 per cent).

Brokers said sentiment improved on back of strong economic prospects after the Central Statistical Organisation (CSO) released the GDP figures on Monday.

The CSO said that GDP for the full year would grow at 8.1 per cent compared to 4 per cent last fiscal. This resulted in active buying in old economy stocks.

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