The Hindu Business Line : Sensex surges by 539 pts on strong global cues

MUMBAI: The BSE benchmark Sensex on Wednesday surged by 539 points on aggressive buying in metal, refinery and software stocks by funds driven by firm global cues.

The Sensex, which remained weak in the last three trading sessions, bounced back to record a gain of 539.11 points to close at 17,231.11 points

The wide-based National Stock Exchange index Nifty shot up by 158.75 to 5,144.60 points at the same time.

Marketmen said firm global cues boosted the market sentiment on the domestic market.

Volume toppers during the session were Tata Steel, NTPC, RIL, ICICI Bank and SBI. Major Sensex movers were Hindalco gained 7.23%, NTPC surged 6.56%, Sterlite was up 5.05%, Tata Steel gained 4.75%, ICICI Bank advanced by 4.71% and Reliance was up 4.59% to day.

Among the sectoral indices, Oil & Gas was the top gainer which was up by 2.90%, IT rose 2.79%, Power was up 2.61%, Realty sector gained 2.25%, CG advanced by 2.25% and Metal too gained 2.75%.

On the BSE, the advance to decline ratio was at more than 2.25. Of the total 2,922 scrips traded, 1,907 advanced, while 924 declined.

Brokers attributed gains in stocks to positive Asian stock markets after overnight gains in the US market.

Asian stock markets, led by Hong Kong’s Hang Seng which Hong Kong gained 1.12 per cent, closed in the positive zone, while European bourses posted gains in opening trade, supporting the uptrend at the domestic bourses.

The buying activity was further got support as brokers who had created huge short positions in previous bearish trend, were seen winding up ahead of the settlement in the derivatives segment. - PTI

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