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Sensex closes 260 points up despite weak GDP numbers

Tuesday August 30, 2011 05:52:19 PM, IANS

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Sensex rallies on global cues, closes 567 points higher

A benchmark index for Indian equities markets Monday rallied to close a whopping 567 points higher with technology stocks leading the gainers pack. Short  

Mumbai: A benchmark index for Indian equities markets Tuesday closed 260 points higher helped by some positive global cues and despite release of official data which showed the Indian economy grew slowest in the past six quarters.

The 30-scrip sensitive index (Sensex) of the BSE, which opened at 16,585.1 points, closed at 16,676.75 points, up 260.42 points or 1.59 percent from its previous close at 16,416.33 points.

The Sensex had rallied 567 points Monday.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also ended higher, 1.65 percent up at 5,012.95 points.

According to data released by the Central Statistical Organisation (CSO), the Indian economy grew at a lower rate of 7.7 percent in the first quarter of this fiscal, against 8.8 percent in the like period of last fiscal.

Broader markets, too, rose after slipping during the day. The BSE midcap index closed 1.44 percent up, while the BSE small cap index ended 1.1 percent higher.

Among the sectoral indices on the BSE, metal, realty and banking stocks were among major gainers.

At the BSE, the market breadth was positive with 1,841 stocks advancing, 976 scrips declining and 127 remaining unchanged.

Prominent gainers on the 30-scrip Sensex were DLF, up 6.42 percent at Rs.196.35; Jindal Steel, up 5.34 percent at Rs.519.80; Sun Pharma, up 5.16 percent at Rs.490.30; and Tata Steel, up 4.79 percent at Rs.468.55.

Among losers on the Sensex were ONGC, down 4.29 percent at Rs.263.15; ITC, down 0.97 percent at Rs.200; Tata Power, down 0.35 percent at Rs.1,043.30; and L&T, down 0.31 percent at Rs.1,609.80.

Foreign institutional investors were net buyers having picked up stocks worth $105.82 million Tuesday, according to data available with the Securities and Exchange Board of India (SEBI).

Asian markets mostly ended in the green, tracking gains of European and US markets and after encouraging economic data from the US boosted investor sentiments.

The benchmark Japanese Nikkei closed 1.16 percent up at 8,953.9 points, while Hong Kong's Hang Seng ended 1.71 percent higher at 20,204.17 points.

Chinese stocks were, however, subdued on fears of a rate hike. The Chinese Shanghai Composite index closed 0.38 percent down at 2,566.59 points.

European markets were ruling mixed.

The German DAX was ruling 0.57 percent lower at 5,637.73 points, while the French CAC 40 was trading 0.16 percent down at 3,149.22 points.

Markets in Britain, which were closed Monday, played catch up to the previous session's rally in other Euro zone markets. The FTSE 100 was trading 2.35 percent up at 5,250.39 points.




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