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Sensex rallies on global cues, closes 567 points higher

Monday August 29, 2011 04:53:37 PM, IANS

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Mumbai: A benchmark index for Indian equities markets Monday rallied to close a whopping 567 points higher with technology stocks leading the gainers pack. Short-covering by traders also helped stocks gain.

Hopes of the US economy rebounding soon, after US Federal Reserve Chairman Ben Bernanke's speech Friday, fuelled a rise in markets globally.

The 30-scrip sensitive index (Sensex) of the BSE, which opened at 16,080.74 points closed at 16,416.33 points, up 567.5 points or 3.585 percent from its previous close at 15,848.83 points.

It had climbed about 613 points to an intra-day high of 16,462.03 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange was also on an uptrend and ended 3.62 percent up at 4,919.6 points.

The Sensex had lost 1.8 percent on a weekly basis for the week ending Friday.

Broader markets also ended in the green. The BSE midcap index closed 2.48 percent higher, while the BSE smallcap index was up 2.06 percent.

All 13 sectoral indices on the BSE ended in the green. IT, metal and realty scrips were among major gainers.

At the BSE, the market breadth was positive with 2,121 stocks advancing, 716 scrips declining and 103 remaining unchanged.

Prominent gainers on the 30-scrip Sensex were TCS, up 7.32 percent at Rs.1,018.6; Jindal Steel, up 6.75 percent at Rs.493.45, L&T, up 5.45 percent at Rs.1,614.75 and RIL, up 4.8 percent at Rs.754.05.

The only two losers on the Sensex were ONGC, down 1.1 percent at Rs.274.95 and Maruti Suzuki, down 0.02 percent at Rs.1,080.

Asian markets mostly ended in the green on hopes from a speech by Federal Reserve chief Ben Bernanke Friday where he said the ailing US economy would eventually return to robust health.

The benchmark Japanese Nikkei closed 0.61 percent up at 8,851.35 points, while Hong Kong's Hang Seng moved up 1.44 percent higher at 19,865.11 points.

However, the Chinese Shanghai Composite index closed lower at 2,579.47 points, 1.37 percent down.

European markets too cheered Bernanke's reassuring comments despite the Federal Reserve chairman not announcing any monetary stimulus.

The German DAX rose 1.29 percent at 5,608.73 points, while the French CAC 40 was trading 1.53 percent up at 3,134.85 points.

Markets in Britain were closed on account of the Summer Bank Holiday.




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