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  • Wednesday, January, 2022| Today's Market | Current Time: 07:02:17
  • Sensex on winning spree; climbs 329 points on global cues

    Published on December 1, 2010

    Stock market on Wednesday continued its rally for the third-straight day with the bellwether Sensex advancing 329 points, driven by strong rebound in metals and realty counters amid firming global cues.

    The market was also supported by data showing high export growth in October, up 21.3 per cent, boosting investor confidence. The export numbers came within a day of the news of higher than expected economy growth in the second quarter this fiscal.

    Although it opened flat, the Bombay Stock Exchange benchmark Sensex settled the day with a handsome gain of 328.75 points or 1.68 per cent at 19,850.

    The 30-share index has witnessed a recovery of 3.72 per cent in three trading sessions.

    Similarly, the National Stock Exchange broad based Nifty saw a surge of 98.20 points to finish at 5960.90.

    Marketmen called the reversal on Dalal Street a “relief rally”, adding that weak global markets and string of scams back home gave investors opportunity to buy at attractive levels.

    “Bounce back in metals and realty stocks coupled with buying across sectors suggest that the market has factored in all the negative news and has decided to move on. Besides, smart GDP data reported yesterday also lifted the investor sentiment,” Religare Securities Executive vice president Rajesh Jain said.

    Dazzling metal stocks stole the show driving the sectoral index by about 530 points, becoming the best performer among the thirteen indices. Maximum strength was seen in Tata Steel which soared by 5.04 per cent to settle at Rs 613.65.

    Jindal Steel and Hindalco also went higher by 3.78 per cent and 3.66 per cent respectively while the copper producer Sterlite Industries saw a gain of 1.76 per cent.

    Worst seems to be over for realty stocks, which were facing tough times due to bribery loan scam, unearthed last week as CBI arrested 8 officials of banks and financial institutions.

    Realty stocks continued to gain for the second straight session with DLF rising 3.79 per cent and JP Associates inching higher by 3.04 per cent.

    “Recovery in the market is slow and steady, which is healthy and is likely to continue for the coming sessions,” Unicon Financial Services CEO Gajendra Nagpal said.

    Besides, it was a good trading day for banking counters also, most of which ended in a positive terrain. While SBI saw a surge of 3.71 per cent, ICICI Bank and HDFC Bank went up by 2.04 per cent and 3.21 per cent respectively.