Sensex makes big leap, shoots 240 pts

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Sensex recorded its biggest gain in two weeks, closing sharply higher by 240 points on revival of buying by funds.

New Delhi: The markets ended on a positive note after seeing flat opening. It was a surprisingly higher close for markets. The markets picked up momentum post-noon on increased buying seen in heavyweights across sectors.

Sensex recorded its biggest gain in two weeks, closing sharply higher by 240 points on revival of buying by funds in banking and telecom stocks.

Buying activity picked up as general investors felt a steep fall in share prices last month was overdone and the Sensex spurted by 239.94 points to 12,945.88—its biggest advance since March 8.

The Sensex had dropped nearly 15 per cent from its peak of 14,724 points on February 9. The National Stock Exchange index Nifty also rose by 66.95 points at 3,764.55.

The major contributors were banking shares led by index-heavy ICICI Bank and placed the banking segment index higher by 254.06 points at 6,545.33. The second biggest gainers were from metals segment, which gained 115.41 points at 8,252.96 followed by capital goods index, which advanced by 98.71 points at 8,648.18.

The market also received a booster after telecom major Bharti Airtel shares surged following reports that the telecommunication regulator cut a fee on international calls as part of a plan to reduce tariffs.

Asian indices had a flat to positive close. Midcaps and smallcap did not perform inline with the frontliners and ended with slim gains. Most of the BSE sector indices ended in green. Banking stocks led the rally followed by FMCG and power pivotals. The Sensex closed above 12,900 levels and the Nifty above 3750 levels.

ICICI Bank, Reliance Energy, ONGC, HLL, Bharti Airtel, SAIL, Jet Airways, PNB and ITC emerged as top gainers on the indices.

The BSE Bankex was up 4 per cent at 6,545.33. Shares of Bank of Baroda, Centurion BoP, ICICI Bank, Oriental Bank, PNB, IOB moved upwards.

The NSE cash turnover was at Rs 5805.33 crore and the NSE F&O turnover was at Rs 32808.03 crore. The BSE cash turnover was Rs 2717.98 crore. Total market wide turnover was at Rs 41331.34 crore.

With inputs from moneycontrol.com