Sensex surges 484 points to new 33 month high (Roundup)

MUMBAI - A benchmark index of Indian equities Wednesday closed a whopping 484 points higher in a broad-based rally last seen in January 2008. Heavyweight scrips led the uptrend, supported by strong inflows from foreign funds and positive overseas sentiment.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose the fastest in six months, moving up 484.54 points or 2.4 percent to end trade at 20,687.88 points.

The Sensex had opened at 20,223.45 points and climbed 500 points to an intra-day high of 20,703.97 points.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors bought scrips worth $156.48 million Wednesday. For the month, FII fund inflows have crossed $3.6 billion.

At the National Stock Exchange (NSE), the 50-share S&P CNX Nifty ended at 6,233.9 points, up 2.35 percent.

Broader markets also ended in the green with the BSE midcap index closing 0.99 percent higher and the BSE smallcap index 1.06 percent up.

Out of the 30 Sensex stocks, 29 were on the gainers side.

Top Sensex gainers were HDFC, up 4.6 percent at Rs.739.90; TCS, up 4.56 percent at Rs.992.40; Wipro, up 4.48 percent at Rs.482.70 and L&T, up 4.04 percent at Rs.2,079.25.

The sole loser, NTPC, closed 1.26 percent lower at Rs.208.10.

All 13 sectoral indices on the BSE were in the green with IT, telecom, capital goods and realty stocks leading the pack.

The market breadth was positive with 1,928 stocks advancing, 1,066 declining and 111 remaining unchanged.

Other Asian markets which were trading lacklustre moved up on news of an unexpected increase in machinery orders in Japan. Also what enthused the markets was the US corporate earnings season getting off to a good start as chip-maker Intel announced better than expected sales figures.

Hong Kong’s Hang Seng closed 1.45 percent higher at 23,457.69 points, while the Japanese Nikkei ended 0.16 percent up at 9,403.51 points.

The Shanghai Composite index also saw modest gains, rising 0.7 percent to 2,861.36 points.

Sentiments strengthened at European markets as well on expectations of a cut in interest rates by the US Federal Reserve.

Around mid-day, Britain’s FTSE 100 was trading at 5,734.99 points, up 1.3 percent.

The German DAX was ruling 1.49 percent higher at 6,398.41 points, while the French CAC 40 was at 3,806.03 points, up 1.52 percent from its previous close.