The BSE benchmark Sensex on Tuesday recorded its second biggest gain of 350 points this year to regain the psychological 16,000 level on funds buying spurred by firm global cues and hopes of rate cuts by RBI after easing inflation.
After a better start, the Sensex spurted by 350.37 points, or 2.22 per cent to 16,165.09, a level last seen on December 13 last year, and the second biggest gain after January 3.
Brokers said a firming global trend on speculation European officials will take measures to resolve the region’s debt turmoil boosted market sentiments. The broad-based National Stock Exchange index Nifty shot up by 106.75 points, or 2.25 per cent to 4,849.55 with stocks of realty, capital goods and banking sector recording handsome gains.
ADVERTISEMENT
Reliance Industries zoomed 3.99 per cent to Rs 735.15 and Infosys by 0.94 per cent to Rs 2,863. State Bank of India surged 3.93 per cent to Rs 1,702.05.
In 30-BSE index kitty stocks, barring Gail India and Tata Consultancy Services, all closed with gains. All the 13 sectoral indices were in positive zone with gains up to 4.20 per cent. The undercurrent of the market was bullish as international rating agency Moody’s indicated a hefty inflow of 56 per cent rise in foreign direct investment in November and a steep indirect tax collection from April to December.