Rain prospects, Pranab-speak bolster bourses

Buoyancy sends Sensex soaring by 453 points

All the sectoral indices ended in the green this day with huge buying witnessed in metal, realty, banking, oil & gas and infrastructure segment nudging the Nifty above 4100 level, while the popular Sensex inching closer to 13,900 level.  Even broader indices surged ahead of index heavyweights.

The improvement in the investor sentiment was largely ascribed to positive forecast by Indian Meteorological Department on its website this morning that rains will intensify in the coming days.

That apart, Union Finance Minister Pranab Mukherjee replying to a debate in parliament on Tuesday afternoon said economy is showing signs of recovery and there has been an improvement in steel, two-wheeler and cement output.  Plus, he emphasised on the need to take risks to return to high growth and focus on fiscal consolidation in the medium term. Further, the positive opening of the European markets has also led the domestic markets to gain further momentum during the day. The popular Sensex at Bombay Stock Exchange posted a gain of 453.38 points or 3.38 per cent to close at 13,853.70 points.  The bellwether index had touched an intra-day gain of 503.16 points at the fag end of the trading session, while at the day’s low of 13,549.42 points it rose 139.10 points in early trade.

Similarly, the broader-based S&P CNX Nifty at National Stock Exchange was up 137.35 points to settle at 4,111.40 points.  The index touched an intra-day high of 4,128.90 and low of 3,974.10 points and in effect, it regained the psychological 4,000 mark within a day of falling below that level on the previous day.

BSE clocked a turnover of Rs 4,305 crore higher than Rs 4,096 crore on Monday.

The market breadth, indicating the overall health of the market, was strong with as many as 1,917 shares on BSE rose in comparison with with 623 stocks that fell and a total of 78 scrips remained static.  From the Sensex pack, 29 scrips rose and one fell.

The BSE Mid-Cap index was up 4.63 per cent and the BSE Small-Cap index was up 4.79 per cent. Both these indices outperformed the Sensex.

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