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Sensex up 311 points

MUMBAI: Buoyed by a spate of positive news, including easing inflation pressure and impressive growth in industrial production, the Sensex surged 311.50 points to end at a seven-week high of 13695.58, while the Nifty index regained the psychological 4,000-point level.

The market sentiment was also bolstered by strong Asian cues and expectations that the Reserve Bank may not take drastic liquidity tightening measures in its upcoming monetary policy. The market was also optimistic about a possible interest rate cut after inflation cools to five per cent.

The Sensex began firm at 13479.49 and gradually moved upwards to the intra-day high of 13708.40 before ending at 13695.58, up 2.33 per cent over Friday's close of 13384.08.

The S&P CNX Nifty gained 96 points or 2.45 per cent to close at 4013.35 from 3917.35. Shares of the top heavyweight Reliance Industries were star performers throughout, touching a new closing peak of 1460.

The company visualised robust demand for petrochemicals over the next 12-18 months. Asian markets, mainly Hong Kong, Japan, Singapore and China, ended 1.2 to 2.0 per cent up over Friday close. Foreign institutional investors were heavy buyers during the day. The market breadth was highly positive. Of the total 2,655 traded shares, 1,802 registered gains while 779 others closed with losses. The trading volume was relatively low at Rs. 4,144.83 crore against Rs. 4,728.62 crore on the last trading day. ICRA remained the top traded share with the highest turnover of Rs. 303.65 crore followed by Orbit Co (Rs. 174.81 crore).

The broad-based BSE-100 index advanced further by 148.62 points to 6910.66 from 6762.04. The BSE-200 index and the Dollex-200 were quoted sharply up at 1633.74 and 646.92 at close against 1599.62 and 623.99 respectively. The BSE-500 index spurted by another 105.85 points to 5204.65 from 5098.80 and the Dollex-30 ended remarkably higher at 2674.29 from 2574.58, previously. — PTI

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