Sensex closes up 127 points

Font Size

Print

Feedback

Email

Discuss

Related Articles

Sensex soars by 409 pointsSensex sheds early gains as RIL tumblesSensex closes below 17,000 levelSensex nosedives by over 200 pts

Mumbai: After the mauling it got on a disappointing Budget on Monday, the market found its winning ways again on Tuesday with the benchmark Sensex on BSE gaining over 120 points.

The markets witnessed some buying activity as blue-chip stocks at their current low levels attracted investors.

The bellwether index tanked close to 870 points on Monday as the Budget, on which high hopes were placed by market participants, turned out to be damp squib as it fell short of expectation on infrastructure spending, was silent on financial sector reforms and raised the minimum alternate tax.

Giving hopes of quick recovery of heavy losses, the index gained over 200 points in early trade, but it never got the big buying momentum to make up for the heavy losses.

Finally, it ended the day with a gain of 127.05 points at 14,170.45.

The key-index shuttled between 14,251.88 and 14,000.68 during the day with 18 of the 30-BSE Sensex stocks gaining and 12 ending with losses.

In similar fashion, the wide-based National Stock Exchange index Nifty rose by 36.45 points at 4,202.15, after moving between 4,231.80 and 4,155.50 points.

Marketmen said a firm opening at European stock markets also fueled the upward march.

Among the indices, the auto sector index gained the most Mahindra and Mahindra, Hero Honda and Maruti Suzuki recording gains in the range of 5-6 per cent.

The fast moving consumer goods sector was the second best performer, with the sectoral index gaining 3.83 per cent to 2,401.16 as heavy-weight ITC Ltd remained firm for the second straight day on interested buying.

The capital goods index rose by 1.67 per cent to 12,301.85 followed by power index by 0.97 per cent to 2,770.50 after budgetary proposals indicated more spending in infrastructure and power sector to boost the economy.

The healthcare index rose by 0.57 per cent to 3,606.73, tech index by 0.50 per cent to 2,552.46, consumer durable index by 0.49 per cent to 2,945.68 and bank index by 0.46 per cent to 7,804.66.

Meanwhile, PSU and refinery stocks remained under pressure in the absence of the government's silence on disinvestment programme in the Union budget. PSU index fell by 1.75 per cent to 7,636.94 and Oil and Gas index by 1.32 per cent to 8,919.94.