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Global stocks helps Sensex regain 19k

Mumbai, Nov 29, 2012, DHNS 22:42 IST
Key benchmark indices on Friday logged gains for third straight session of trade to settle at 19-month highs boosted by firm global stocks on one hand and on the other hand, deadlock in Lok Sabha ended as Speaker Meira Kumar allowed a debate on foreign direct investment (FDI) in multi-brand retail under Rule 184 that entails voting.

The market breadth was positive on Friday as eleven of the 13 sectoral indices on the BSE logged gains. Index heavyweight and cigarette maker ITC edged higher, while another index heavyweight RIL gained. Firm global cues and consistent buying among auto, banking, capital goods and oil & gas shares led the strong rally.

Initial data showed that foreign institutional investors (FIIs) made heavy purchases of Indian stocks on November 27, 2012, boosting sentiment. FIIs bought shares worth a net Rs 1082.74 crore on Tuesday, as per data from the bourses.

The popular Sensex at BSE was up 328.83 points or 1.75 per cent to settle at 19,170.91 points, its highest closing level since April 28, 2011. The index surged 363.25 points at the day’s high in late trade and rose 31.55 points at the day’s low in early trade.

The 50-unit S&P CNX Nifty at NSE shot up 97.55 points or 1.70 per cent to 5,825, its highest closing level from April 27, 2011. The index hit a high of 5,833.50 and a low of 5,736.10 in intraday trade.

From broader markets, the BSE Mid-Cap index rose 1.26 per cent and the BSE Small-Cap index gained 0.45 per cent. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive with as many as 1679 shares on BSE gained and 1263 shares fell while a total of 120 shares remained static. The turnover on BSE amounted to Rs 3328 crore, higher than Rs 3239 crore on Tuesday.

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