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Sensex at 3-yr high; up 467 pts on across-the-board buying

The Benchmark Sensex On Friday Surged Over 467 Points To A Nearly Three-year High On Across-the- Board Buying In Bluechips Led By Financial Sector Stocks, Including ICICI Bank, On Easing Concerns Over The US Tapering And A Pick-up In China's Economic Growth.

Reuters | Updated on: 18 Oct 2013, 05:51:10 PM


Sensex on Friday surged over 467 points to a nearly three-year high on across-the- board buying in bluechips led by financial sector stocks, including ICICI Bank, on easing concerns over the US tapering and a pick-up in China's economic growth.

After a smart start, the 30-share BSE index rose to 20,932.23 and ended 467.38 points or 2.29 per cent to 20,882.89. This is the highest closing level since 20,932.48 on November 9, 2010. Investors on the exchange were richer by over Rs 1.07 lakh crore.

Foreign investors pumped in Rs 1,109.93 crore into local equities yesterday, remaining net buyers for the 10 straight day. FIIs have infused USD 14.77 billion so far since January this year.

The broader National Stock Exchange index Nifty also shot up by 143.50 points, or 2.37 per cent, to close at 6,189.35, after hitting the day's high of 6,201.45. The SX40 index on the MCX Stock Exchange closed higher by 237.07 points at 12,416.36.

Brokers said there was across-the-board buying on positive global cues after the end of US shutdown and easing concerns over the US tapering, which especially boosted the financial sector stocks.

Asian stocks were in demand after China's GDP growth climbed to 7.8 per cent in the third quarter, registering an overall growth of 7.7 per cent for the past nine months, which in turn bolstered the trading sentiment here, they added.

Out of the 30 BSE index components, 29 stocks advanced led by ICICI Bank, ITC and Reliance Industries.

Sectorally, the banking index gained the most rising 3.93 per cent as HDFC Bank, ICICI Bank and State Bank of India climbed on value buying.

The metal sector index was second best performer, adding 3.32 per cent. All the 13 sectoral indices ended higher.

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First Published : 18 Oct 2013, 10:03:00 AM