The Hindu Business Line : Sensex rises 405 to cross 17,000-mark

The index gained more than two per cent on the back of improved investor sentiment across the US, Asia and Europe, and some good corporate numbers, traders said.

Sensex closed at 17,126 with a gain of over 405 points today. NSE closed 2.24 per cent up at 5,112, a gain of 112 points.

“There were no fresh triggers, domestic equity markets moved in line with the US, Asia and Europe that were positive,” said Mr Madhukar Sheth, a BSE Member.

“Though there may not be a dramatic upside in the market in the near future, the worst seems to be over and retail investors are back in the market, which is evident from improved volumes,” Mr Sheth opined. The FIIs were also net buyers by Rs 313 crore, evident from the provisional data released by NSE and BSE. The Domestic Institutional Investors were net sellers by Rs 75.47 crore.

Telecom stocks were the favourites after Bharti Airtel and Idea Cellular clocked 37 per cent and 45 per cent profit growth respectively in the fourth quarter.

Mr Alex Mathew Head, Research, Geojit Financial Services, said, “There was value buying in telecom stocks.” Bharti and Reliance Communication gained more than eight per cent today.

The banking stocks too gained after the 37 per cent rise in fourth quarter profit announced by HDFC Bank, which gained 3.59 per cent.

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