Money on the markets
A maturing market amid the mayhem
Investor sentiments also had plenty of support from strong global markets.
The benchmark posted a near 500-points gain with stocks like ICICI, HDFC and ITC surging. The Nifty index rose by over 140 points.
The top Sensex gainers were Reliance Infra and M&M, both rising over 8 percent, and JP Associates which gained 7.2 percent.
The rally was broad-based and all sectoral indices ended in the positive. The auto index led the pack with an over 5 percent rise. Stocks like Tata Motors and Hero Honda gained over 6 percent each.
Engineering and construction firm Larsen & Toubro fell 3.6 percent and was the main stock that pushed the benchmark lower. Earlier in the day the company had announced its Q1 net profit had risen to 15.98 billion rupees.
The Nifty index rallied 122 points to close above the 4,200 mark.
Reliance Industries led the benchmark’s rise with a 3.5 percent jump. L&T’s rise of 4.1 percent also gave support.
The stock market took cues from strong global markets and upbeat economic data from some regions.
Worries about the global economy and corporate results weighed on investor sentiments throughout trade, which saw the benchmark hitting the day’s low of 13,220.
On Friday the benchmark closed 253 points lower at 13,504 on worries over the monsoon and global economy.
Selling pressure pulled the BSE Sensex below 14,000 on Wednesday as concerns over global economic recovery spooked financial markets all around.
Trade was volatile and the 30-share sensitive index touched an intra-day low of 13,701 before closing 401 points lower at 13,769. The fifty-share Nifty ended 2.93 percent down at 4,078.
The BSE Sensex ended 0.9 percent up on Tuesday, recovering from yesterday’s biggest one-day drop in six months.
The benchmark turned negative during trade after rising more than 1 percent, as a large budget deficit weighed on investors’ minds. Trade was volatile and the 30-share sensitive index swung from an intra-day low of 14,000 to an intra-day high of 14,252 and closed 127 points higher at 14,170.
The Sensex plunged 5.8 percent on Monday as the higher-than-expected fiscal deficit announced by the government in the Union budget disappointed investors.
The 30-share sensitive index swung from an intra-day high of 15,097 to an intra-day low of 13,959 and closed 870 points lower at 14,043. The fifty-share Nifty ended 5.84 percent down at 4,165.