Markets rally as traders indulge in value buying (Roundup)

MUMBAI - A benchmark index for Indian equities markets closed 473 points higher Monday as traders bought stocks, which were battered in the past week.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,940.16 points, closed at 18,202.2 points, up 473.59 points or 2.67 percent from its previous close at 17,728.61 points.

Along with Friday’s rise, the Sensex has risen almost 750 points in two sessions.

The 50-scrip S&P CNX Nifty of the National Stock Exchange shut shop 2.75 percent higher at 5,456 points.

Broader market indices also shot up, with the BSE midcap index closing 3.52 percent higher and the BSE smallcap index ending 3.94 percent up.

All 13 sectoral indices on the BSE were in the positive, with capital goods, auto, metal and consumer durable stocks leading the gainers.

The market breadth was positive, with 2,397 stocks advancing compared to 483 scrips on the decline. A total of 123 stocks remained unchanged.

Among gainers on the 30-scrip Sensex were: Jaiprakash Associates, up 6.79 percent at Rs.87.30; L&T, up 6.7 percent at Rs.1,660.75; Tata Motors, up 5.6 percent at Rs.1,208.75; and BHEL, up 4.56 percent at Rs.2,130.

The sole loser on the bencmark index was DLF, down 0.38 percent at Rs.246.60.

According to data available with market regulator SEBI, foreign institutional investors sold scrips worth $94.93 million Monday.

Other Asian markets snapped a five-day losing spree as rumours did the rounds that economic data coming from China was expected to show inflation lower than expected.

Hong Kong’s Hang Seng ended 1.28 percent up at 23,121.06 points, while a benchmark of Chinese markets, Shanghai Composite index, nudged up 2.54 percent at 2,899.13 points.

The Japanese Nikkei shot up 1.13 percent to close at 10,725.54 points.

European markets, were trading dull, although investors heaved a sigh of relief over the end of political protests in Egypt after President Mubarak quit office.

Around mid-day, the French CAC 40 was trading flat at 4,100.79 points, while the UK’s FTSE was ruling similarly subdued, down 0.05 percent 6,060.73 points.

The German DAX was ruling 0.39 percent up at 7,399.59 points.