Sensex zooms 324 points, Tata Steel biggest gainer
Posted on: 07 Sep 2012
Mumbai: A benchmark index of Indian equities markets was trading 324 points higher in afternoon trade Friday in a global rally after the European Central Bank announced announced a new bond buying programme.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,575.79 points, was ruling at 17,670.67 points, 1.87 percent or 324.40 points up from its previous day's close at 17,346.27 points.
The Sensex touched a high of 17,675.76 points and a low of 17.575.79 points in intra-day trade.
The wider 50-scrip S&P CNX Nifty of the National Stock Exchange was ruling 1.79 percent up at 5,332.10 points.
Overnight, US stocks had hit a four-and-a-half-year high after the ECB said there will be no limits to the purchases of government bonds with maturities of one to three years.
The programme is aimed at keeping the short-term borrowing rates of countries like Italy and Spain at manageable levels, giving them time to enact debt reduction measures and economic reforms.
Asian stock markets rallied during the day. Japan's Nikkei was up 2.20 percent while Shanghai's composite index was trading 3.70 percent higher. Hong Kong's Hang Seng was up 2.84 percent.
European markets opened higher. France's CAC was up 1.04 percent and so was Germany's DAX, up by 0.55 percent. Britain's FTSE 100 was trading 0.07 percent higher.
On the sectoral front, the BSE metal index was up 212.87 points, realty index was up 31.77 points and the capital goods index was up 190.52 points.
All the 30 scrips were gainers with Tata Steel being the biggest Sensex gainer and was trading 4.71 percent higher at Rs.367.15.
The other major gainers were ICICI Bank, up 4.20 percent at Rs.933.50; Tata Motors, up 3.93 percent at Rs.242.20; RIL, up 3.17 percent at Rs.791.70; and Hindalco Inds, up 2.56 percent at Rs.104.30.