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Rediff.com  » Business » Sensex jumps 181 points to 1-week high

Sensex jumps 181 points to 1-week high

Last updated on: October 18, 2012 17:13 IST

BSE

The Sensex jumped 181 points to close at a one-week high of 18,791.93 on strong buying in banks, realty and consumer durables ahead of the festival season, amid strong global cues triggered by robust economic data from the US and China.

The BSE benchmark index, which had gained 33 points in the previous session, resumed in a quiet manner but gained momentum post noon session as investors pumped fresh funds.

After touching day's high of 18,806.56, the Sensex closed at 18,791.93 -- up 181.16 points or 0.97 per cent. This is the highest closing for the index since 18,804.75 on October 11.

As many as 24 scrips in Sensex closed with gains led by Tata Power, SBI, Tata Motors, Hero MotoCorp, TCS, L&T, CIL and ICICI Bank. Gains in ITC, HDFC Bank, HDFC also helped the index move higher.

Likewise, the 50-share NSE index Nifty rose by 58.45 points, or 1.03 per cent to close at 5,718.70.

Brokers said the uptrend was backed by stocks of realty, consumer durables and banking sectors on hopes that demand will pick up pace in the festival season, boosting earnings.

"Stocks opened on a positive note following global cues as data indicated improvement in economic growth of China. Recent results from some of the banking majors like HDFC Bank and Axis bank triggered further buying in banks. European indices were positive and also boosted the buying," said Nidhi Sarswat, Senior Research Analyst, Bonanza Portfolio.

Among sectors, the Realty sector index gained the most by rising 2.58 per cent, followed by Banking index (2.09 pc), Consumer durable index (1.50 pc) and Auto index (1.4 pc).

The domestic market also received more support on firming global trends as China's economic data indicated some stabilisation in the world's second largest economy, while positive US housing data eased worries about global slowdown.

Most Asian markets closed with gains in 1-2 per cent range while European indices were trading higher in afternoon deals.

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