The Bombay Stock Exchange benchmark Sensex today rose by over 244 points to regain the 17,000-level, with realty and metal sectors and heavyweight Reliance Industries bouncing back even as the Asian stocks were distinctly weak.
The 30-share Sensex closed with a gain of 244.54 points at 17,227.68 after briefly falling 0.1 per cent during intra-day. Today’s gains more than make up for the 202 points the markets had lost in the past two days.
The National Stock Exchange index Nifty also shot up by 81.25 points to close at 5,147.95 points.
Realty shares, which were battered yesterday, bounced back and their sectoral index closed up 3.27 per cent at 3,982.99. Consumer durable index also gained 2.29 per cent to 3,571.62.
Metal shares, which were also under pressure in the last trading session, were back in demand. Metal index ended up by 2.15 per cent to 16,664.12.
Strong buying support in Sensex-heaviest and refinery major Reliance Industries lifted the Sensex. RIL had dipped over 3 per cent yesterday. It gained Rs 24.60 to Rs 1,080.25 on reports the company is in discussions with several banks to raise money to buy LyondellBasell Industries, which has filed for bankruptcy.
Infosys Technologies surged by Rs 50.20 to Rs 2,440.10 on hopes that the US dollar gaining against the rupee would boost its revenue software exports.
RIL and Infosys carry nearly 23 per cent weight on the benchmark index.
In the metal sector, Tata Steel rose Rs 12.25 to Rs 568.55. JSW Steel gained Rs 63.70 to Rs 1,011.25 on expectations that the revival in the economic recession would boost demand for steel.
The automaker stocks surged after November passenger car sales rose the most in five years. Tata Motors gained Rs 19.55 to Rs 723.60 as car sales climbed 61 per cent, the biggest surge since February 2004, to 133,687 units in November from a year earlier.
In the 30-BSE index related stocks 27 ended higher while three closed with losses. All the sectoral indices were higher led by realty and consumer durable segments.
With the buying activity spilling over a wide-front, smallcap index rose by 1.38 per cent to 7,927.83 and midcap index by 1.31 per cent to 6,634.45.