Mumbai, May 26 (IANS) A benchmark index for Indian equities Wednesday closed 365 points higher on the back of strong global cues and with traders covering short positions.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,069.78 points, ended at 16,387.84 points, 365.36 points or 2.28 percent up from its previous close at 16,022.48 points.
The Sensex had fallen almost 2.71 percent Tuesday amid a global sell-off.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty too closed in the green at 4,917.4 points, up 2.3 percent from its previous close at 4,806.75 points.
Broader market indices were in the positive as well, with the BSE midcap index ending 1.48 percent up and the BSE smallcap index 1.68 percent higher.
All BSE sectoral indices ended in the green, with IT, realty, metals and telecom scrips gaining the most.
The market breadth was positive with 1,886 stocks advancing, compared to 901 on the decline, while 98 remained unchanged.
Market watchers, however, said the bounceback may be temporary as foreign funds continued to pull out and the debt crisis in the euro zone persists. Foreign investment institutions sold stocks worth $299.91 million Wednesday.
Among the gainers on the 30-scrip Sensex were Hindalco Industries, up 7.3 percent at Rs.147.75; TCS, up 5.36 percent at Rs.736.20; Tata Motors, up 5.28 percent at Rs.709.25; and Jaiprakash Associates, up 5.17 percent at Rs.122.15.
Prominent losers included Grasim Industries, down 20.52 percent at Rs.1,845.30; Reliance Communications, down 2.56 percent at Rs.135; ACC, down 1.34 percent at Rs.831; and BHEL, down 0.36 percent at Rs.2,254.90.
Grasim shares reflected the de-merger of its cement business into another subsidiary Samruddhi Cement. Post de-merger, Grasim will become only a holding company of the group’s cement business, with only the fibre business being left with it.
Asian and European markets rebounded though the overall sentiment remained sceptical. The fall in the past few days gave traders some buying opportunities leading to a rise in key indices.
The Japanese Nikkei ended 0.66 percent up at 9,522.66 points, while the Shanghai Composite index closed flat at 2,625.79 points, up 0.12 percent.
Hong Kong’s Hang Seng shut shop 1.11 percent higher at 19,196.45 points , while the South Korean Kospi ended the day with a 1.36 percent gain at 1,582.12 points.
Europe opened in the green with Britain’s key index the FTSE 100 ruling 1.64 percent higher at 5,021.93 points and its French peer the CAC 40 2.23 percent up at 3,405.73 points. The German DAX too was trading in the positive at 5,757.08 points, up 1.54 percent.
