Sensex surges 465 points on firm global cues

PTI | | Updated on: Mar 12, 2018

The Bombay Stock Exchange benchmark Sensex today shot up by 465 points to 18,815.64, a 2-month high, on aggressive buying in blue-chips led by software companies on firm global cues as hopes of strong economic growth world-wide resurfaced.

The Sensex, which had gained 512 points in the last three trading sessions, surged 464.90 points to close the day at 18,815.64, a level last seen on January 25.

Similarly, the broad-based National Stock Exchange index Nifty rose 131.85 points to 5,654.25, after touching the day’s high of 5,667.10. There was heavy buying in IT, Teck, Realty and Banking stocks.

Asian equities rose, with the region’s benchmark MSCI Asia Pacific Index recording the biggest weekly gain since November, as the US Labour Department figures showed the number of Americans filing applications for unemployment benefits has fallen. It raised the hopes of sustained economic recovery.

Besides, market players said that technology exporters across Asia got a boost from Oracle results. The US-based supplier of database software reported third-quarter profit that beat market estimates.

Infosys, the country’s second-largest software exporter shot up by 5.23 per cent to Rs 3,162, Wipro 3.68 per cent to Rs 455.85 and Tata Consultancy, the largest software firm, by 2.26 per cent to Rs 1,118.20.

The IT sector index gained the most by rising 4.02 per cent to 6,344.62, followed by Teck index up 3.49 per cent at 3,729.29.

Higher opening in the European stock markets further fuelled the trend.

Meanwhile, brokers said the market is expecting better earnings for the fourth quarter. The results will start pouring in from next month.

The Banking index rose 2.72 per cent to 12,926.07 and the recently most beaten Realty sector by 2.72 per cent to 2,237.87.

As the buying activity picked up, the small cap index rose 1.02 per cent to 8,001.63 and mid cap index by one per cent to 6,721.56.

Published on March 25, 2011
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