BSE Sensex jumps 467 pts to close near 3-year high as market mood rises on RBI repo rate

Oct 18 2013, 18:37 IST
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BSE Sensex rises 2.29 per cent to close at 20,882.89 and the broader NSE Nifty ended 2.37 per cent higher. BSE Sensex rises 2.29 per cent to close at 20,882.89 and the broader NSE Nifty ended 2.37 per cent higher.
SummaryBSE Sensex powered by R Rajan creating positive mood on RBI repo rate, end of US shutdown.

The BSE Sensex on Friday surged 467 points while the NSE Nifty gained 143.5 points, marking their highest close in nearly three years as banks rose on value-buying while blue chips gained as foreign investors extended their buying streak to a tenth consecutive session.

Reliance Industries (RIL) rose 2.87 per cent, while ICICI Bank jumped 4.55 per cent.

The BSE Sensex rose 2.29 per cent to close provisionally at 20,882.89 and the broader NSE Nifty ended 2.37 per cent higher.

Foreign institutional investors bought 11.09 billion rupees worth of Indian shares on Thursday, a tenth consecutive session of purchases that bought their total to 78.47 billion rupees.

Earlier, snapping its two-day losing streak, the BSE Sensex rose by more than 400 points to 20,842 on fresh buying by funds amid a firming market trend on other Asian bourses. Gains are being led by defensive and banking shares, especially ICICI Bank.

BSE Sensex being driven by positive bytes from RBI Governor Raghuram Rajan and the end of the US shutdown fiasco even though warning by various rating agencies on the Indian economy are weighing heavy on bourses.

RBI is largely expected to raise the repo rate by 25 basis points, its second consecutive monthly hike. The BSE banking index is up 2.5 per cent, with stocks such as ICICI Bank up 2.6 per cent. Lupin gains 1.3 per cent, while Sun Pharmaceuticals Industries is up 0.8 per cent. In consumer goods stocks,

ITC Ltd is up 1 per cent.

Larsen & Toubro (L&T) gains 1 per cent ahead of its July-September earnings later in the day.

BSE Sensex rose nearly 118 points in early trade. The 30-share barometer, which had lost over 192 points in the previous two sessions, rose 117.65 points, or 0.58 per cent, to 20,533.16 points with consumer durable, banking, realty and FMCG sector stocks leading the rise.

The NSE Nifty moved up by 41.70 points, or 0.69 per cent, to 6,087.55.

Brokers said fresh buying by funds amid a firming trend on other Asian bourses mainly buoyed the trading sentiment.

Bankex is the best performing index today, up 2 per cent. ICICI Bank shares are up 3 per cent, taking their gains for the month to 12.5 per cent.

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