Sensex rises on short covering, positive global cues

Mumbai : A key Indian equities index Tuesday closed near its intra-day high, gaining 473 points as traders covered their short positions. Positive cues from other global bourses also helped buying sentiments.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) Tuesday opened at 16,289.32 points and closed at 16,524.03 points, up 472.93 points or 2.95 percent from its previous close at 16,051.1 points.

It had shot up to 16,551.65 points during the day.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also ended higher, 2.81 percent up at 4,971.25 points.

Broader markets also saw robust buying. The BSE midcap index was up 1.6 percent, while the BSE small cap index closed 1.36 percent up. The BSE 100 index ended 2.6 percent higher.

The market breadth at the BSE was positive with 1,873 stocks advancing, 952 on the decline and 108 remaining unchanged.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors were net sellers to the tune of $202.92 million.

Prominent Sensex gainers were DLF, up 8.46 percent at Rs.217.35; Tata Motors, up 5.92 percent at Rs.155.70; RIL, up 5.09 percent at Rs.797.85; and TCS, up 3.98 percent at Rs.1,038.25.

There was only one loser on the benchmark: Cipla, down 0.28 percent at Rs.285.80.

A relief rally in Europe and US markets helped Asian bourses rise Tuesday amid hopes that European leaders would come out with steps to curb the debt crisis seen in some countries of the Euro zone.

The Japanese Nikkei closed 2.82 percent higher at 8,609.95 points, while Hong Kong’s Hang Seng index ended 4.15 percent up at 18,130.55 points.

The Chinese Shanghai Composite index also closed 0.91 percent higher at 2,415.05 points.

European markets too were ruling higher, building on the previous session’s gains amid hopes of some steps from policy makers on containing the debt crisis.

Britain’s FTSE was up 2.37 percent at 5,210.04 points, the German DAX was trading 3.48 percent higher at 5,531.85 points.

The French CAC 40 was ruling 3.6 percent up at 2,962.16 points.

IANS

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