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The Bombay Stock Exchange benchmark Sensex was up for the second day in a row and closed at 18,206, up 218 points, led by blue-chips like ICICI Bank, Infosys and RIL, as investors continued to buy stocks at lower levels in the absence of any major negatives from West Asia and Japan.
Besides, brokers said the world’s leading investor Warren Buffett gave positive comments on the Indian market that boosted the sentiment.
The market was also supported by the stocks of sugar companies after the Government allowed the exports of 500,000 tonnes of sugar.
The Sensex, which had gained 149 points on Tuesday, shot up by another 217.86 points to 18,206.16 led by realty, banking, healthcare and metal sector stocks.
Similarly, the broad-based National Stock Exchange index Nifty rose 66.4 points to 5,480.25, after touching the day’s high of 5,484.95, as investors looked for bargains in a market that has underperformed so far this year.
The Sensex had slumped 11 per cent this year, the worst performer in Asia, on concerns that measures to curb price rise through high interest rates will limit growth.
Financial stocks led the upward move after the Government proposed changing the laws to ease the limits on voting rights of the largest shareholders in lenders.
Private lenders ICICI Bank, HDFC Bank and Axis Bank were star performers and gained significant ground.
In the 30-BSE index components, 26 stocks ended higher, while four closed in losses. The two most-heaviest on the index, Reliance Industries and Infosys Technologies with their 23 per cent weightage, witnessed sustained buying.
Bajaj Hindustan, the largest sugar producer, Balrampur Chini, Renuka Sugar, Rajshree Sugar, EID Parry, Rajshree Sugar, Uttam Sugar and Dhampur Sugar boosted the market sentiment.
The realty sector index gained the most by adding 1.92 per cent to 2,118.77, followed by banking index by 1.85 per cent to 12,463.22.
As the buying activity spilled over a wide front, the mid cap index rose 0.92 per cent to 6,603.80 and the small cap index 0.65 per cent to 7,868.13.
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