Stocks

Sensex spurts 513 points on easing crude prices

PTI Mumbai | Updated on March 12, 2018

In a jubilant mood: Stock brokers reacting to the uptrend in the Sensex movement. (file photo)   -  Business Line

Propelled by easing crude prices and firm global cues, the BSE benchmark Sensex jumped over 500 points today, its second biggest rally after the budget, to well over 18,000 mark on across the counter buying.

The Bombay Stock Exchange index rose 513.19 points to 18,240.68, its second largest gain after March 1, when the investor-friendly budgetary proposals catapulted the Sensex by over 600 points.

Besides, during intra-day trading, the 30-share gauge touched the day’s high of 18,268.95, rising above the 18,000 mark after nine days.

Trading sentiment was lifted by a slump in crude oil prices and a firming global trend.

Crude prices, which dropped by 4.6 per cent to $91.02 dollar a barrel yesterday, and easing worries over euro zone sovereign debt crisis after the European leaders voiced support for Greece, led to the bullish market sentiment.

All the sectoral indices, barring consumer durables, gained. At the oil and gas counter, the state-run energy major ONGC rose 3.12 per cent, Gas Authority of India Ltd 2.76 per cent, HPCL 6.15 per cent and Bharat Petroleum 2.85 per cent.

However, market leader RIL dropped by 0.03 per cent on lingering worries over declining production at KG-D6 field.

Infosys, the IT bellwether and the second most weighed scrip on the Sensex, gained 3.17 per cent.

The broad-based National Stock Exchange index Nifty also surged by 151.25 points to 5,471.25 propelled by the gains in refinery, realty, metal, IT, capital goods and banking sector stocks.

Meanwhile, the MSCI Asia Pacific Index and Stoxx Europe 600 Index gained one per cent each.

Published on June 24, 2011

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