Mumbai:
Rising for the fourth day, the BSE benchmark Sensex today posted a 270-point upsurge, the biggest gain in 2013 so far, to end at one-month high of 19,683.23 on good buying in financials, refinery, FMCG and metal scrips on renewed hopes of a rate cut, amid a rally in global stocks.
A positive jobs report pushed the Dow Jones yesterday to another record high this week and better-than-expected Chinese exports helped boost Asian and European stock markets today.
The Bombay Stock Exchange 30-share indicator resumed higher and remained in positive terrain throughout the day before ending sharply higher by 269.69 points or 1.39 per cent at 19,683.23. The gains were largest in absolute term since November 11, 2012 when it had spurted by 328.83 points.
On a weekly basis, it has gained 764.71 points or 4.04 per cent, biggest after November 2012's last week when it had spurted by 833.33 points or 4.50 per cent.
The NSE 50-issue CNX Nifty also flared up by 82.40 points or 1.41 per cent to close at one-month high of 5,945.70.
Out of 13 sectoral indices, only IT and Teck indices ended lower while others finished with gains.
Steep rise in counters like HDFC, ITC, HDFC Bank, RIL, ICICI Bank and L&T together contributed over 200 points to the Sensex's gains. SBI, ONGC, Jindal Steel, M&M, Tata Steel, HUL, GAIL and Coal India also closed with smart gains.
Second-line stocks, which were in demand for last of days, however underperformed the Sensex.
Foreign Institutional Investors (FIIs), the main market mover, picked up shares worth Rs 630.47 crore yesterday as per provisional data with stock exchanges.
Brokers said the upsurge in the market was mostly attributed to expectations of an interest rate cut by the Reserve Bank of India in its policy review this month.
Investors are now looking forward to industrial output data due next week, traders said.
Dipen Shah, Head of PCG (Private Client Group) Research, Kotak Securities said expectations of further reforms from the government has improved the sentiment.
