Sensex closes at 15-month high

Sep 28 2012, 19:13 IST
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The Sensex closed up 183.24 points, or 0.99 per cent, at 18,762.74, a level last seen on July 7.   (Reuters) The Sensex closed up 183.24 points, or 0.99 per cent, at 18,762.74, a level last seen on July 7. (Reuters)
SummaryThe Sensex closed up 183.24 points at 18,762.74, a level last seen on July 7.

The BSE benchmark Sensex today jumped by 183 points to close at 14-month high of 18,762.74 points after profit booking erased some of the early gains notched up on surging rupee, strong global cues and hopes on more reforms.

Brokers said the Supreme Court opinion that on natural resources also made the overall sentiment buoyant.

The 30-share barometer jumped by 290 points intra-day, tracking positive global trends. But profit booking emerged at existing high levels erasing some of the gains. The Sensex finally ended at 18,762.74, a gain of 183.24 points.

Previously, it had settled at 18,871.29 on July 25, 2011.

The NSE wide-based Nifty also spurted by 53.80 points, or 0.95 per cent, to end above 5,700-mark, for the first time since July 7, 2011, at near 15-month high of 5,703.30.

"Benchmark indices capped the week with almost a 1 per cent gain on Friday. For the month, the Nifty and Sensex are up by almost 9 per cent. With the benchmarks consolidated during the week, action was more in the mid-cap space, with the index up by more than 2 per cent," Dipen Shah, Head of PCG (Private Client Group) Research, Kotak Securities said.

Smart rise in blue-chips like ITC, HDFC, Tata Motors, TCS, RIL, HUL, ONGC, Sun Pharma, M&M, Hindalco, Cipla and Bharti Airtel together contributed more than 150 points to the Sensex gain.

"Selling pressure rose as investors booked profit on the last day of the week. Despite some profit-booking, market breadth was positive though volumes were lower than last trading session. European indices and Dow futures were also marginally up and aided the bullish sentiment," Rakesh Goyal, VP Bonanza Portfolio, said.

Brokers said a firming global trend and the rupee rising to five-month high against the dollar helped the market start new settlement in the derivatives segment on a promising note.

Meanwhile rupee rose by 17 paise to close at five-month high of 52.85 against dollar.

Continued buying by FIIs also boosted the market sentiment as they pumped in Rs 399.74 crore yesterday.

Buying was so strong that 12 of 13 BSE sectoral indices closed up between 0.18 per cent and 1.89 per cent. Only the realty index finished in the red on profit-booking.

"World stocks rallied on reports of the awaited Spain's economic reform plan wherein which has eased the worries about eurozone's finances for the time-being. This also boosted the overall sentiment," Goyal

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