Stocks

Sensex soars 623 points in post-Budget rally; auto, bank up

Our Bureau Mumbai | Updated on November 10, 2017

A view of the Bombay Stock Exchange building in Mumbai. (file photo)   -  PTI

In a post-Budget rally, the BSE benchmark Sensex today shot up 623 points — the biggest single day gain in 21 months — to close at 18,446.50, on buying by funds in blue-chips at lower levels amid positive global cues.

As the market turned bullish, all the 30-BSE index scrips as well as the 13 sectoral indices closed with gains.

Markets also got a boost following reports of higher export growth numbers and strongest expansion in three months in the six core infrastructure sectors during January.

The Bombay Stock Exchange benchmark Sensex, which gained nearly 200 points in the last two trading sessions, recorded a rise of 623.10 points to close at 18,446.50, its biggest single day jump since May 2009.

Similarly, the broad-based National Stock Exchange index Nifty spurted by 189.05 points to 5,522.30 following a rise in the stocks of auto, bank, realty and capital goods.

The rally was led by handsome gains in auto stocks as monthly sales figures poured in, and the Government’s decision to keep the excise duty unchanged.

Besides, a firming trend in the Asian region and higher opening in Europe fuelled the market sentiment. There was a sharp upsurge in the US markets on hopes of strong economic recovery.

Marketmen said the trading sentiment was bolstered after the budgetary proposals said the country will narrow its deficit to 4.6 per cent of GDP in 2011-2012.

The auto sector index gained the most by rising 5.64 per cent to 8,718.22, followed by banking index by 4.35 per cent to 12,355.22. The realty sector shot up by 4.20 per cent to 2,064.81 and capital goods index by 4.19 per cent to 12,918.87.

As the buying activity spilled over a wide-front, midcap index rose 3.2 per cent to 6,577.29 and smallcap index 2.38 per cent to 8,003.06.

Published on March 01, 2011

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