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Sensex regains 16000-mark

Special Correspondent
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The Bombay Stock Exchange (BSE) 30-share sensitive index, Sensex, posted a 471.70 points rise or 3.01 per cent to regain the 16000-mark on Monday, its biggest single-day gain in three months, as the government's move to bring in more foreign direct investment (FDI) was cheered by investors. Further, the understanding reached between European leaders to resolve the European debt crisis boosted sentiment around the globe.

The Sensex closed above the 16000-mark at 16167.13, led by metal stocks which gained 4.87 per cent followed by oil and gas 3.45 per cent, banks 3.43 per cent, public sector enterprises 3.06 per cent and realty 2.79 per cent. Interestingly, the government's actions brought the public sector stocks to limelight after a long time. All sectors gained over one per cent setting the trend positive.

The broad-based National Stock Exchange index S&P Nifty gained 141.25 points or 3 per cent to 4851.30.

Market participants said that the government's move to allow FDI in multi-brand retail sector had bolstered sentiment among investors, who expect that the government was likely to come up with public offer of some of the blue chip public sector companies.

Further, global sentiment aided the rally. Support from the Asian, European as well as U.S. futures were strong enough to keep the sentiment positive throughout the day, said one dealer. He said that IT shares were also in demand as U.S. futures gained considerably around 250 points at one point indicating a positive U.S. opening.

RIL and Infosys, with combined weight of 20 per cent in the Sensex, shot up on value buying after recent declines. RIL spurted by 3.77 per cent to Rs.783 and Infosys by 1.52 per cent to Rs.2,643.25

Of the 30 Sensex stocks, 28 ended with gains, while two remained in the negative zone.

PTI reports:

Equities traded strong on positive cues from the Asian markets on reports that the IMF was planning to bail out Italy to help contain the eurozone debt crisis.

All the 13 sectoral indices closed with gains of up to 4.87 per cent. From the Sensex pack, Hindalco flared up by 9.90 per cent to Rs.124.05 and was the top gainer.

Sectorally, metal stocks stole the limelight as global commodity prices rose. BSE-metal jumped by 4.87 per cent, oil & gas by 3.45 per cent, bankex by 3.43 per cent, PSU by 3.06 per cent and realty 2.79 per cent.

The total market breadth on the BSE remained positive as 1,831 stocks closed in the green, while 911 ended in the red.

The total turnover dropped to Rs.1,909.26 crore from Rs.2,161.33 crore last Friday.


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