BSE Sensex logs best gain in 10 weeks, NSE Nifty reclaims 7,700 mark

Aug 12 2014, 17:42 IST
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Sensex surges about 361 pts to close at 25,880.77. Sensex surges about 361 pts to close at 25,880.77.
SummaryBSE Sensex posted biggest daily gain since June 6, gaining for second consecutive session...

Domestic markets today gained for the second straight session with the BSE Sensex rising over 361 points in its biggest spurt in about 10 weeks and the NSE Nifty climbing 101 points to reclaim the 7,700-mark fuelled by heavy buying in bluechips, led by Tata Motors, on robust earnings.

Refinery, banking, power, consumer durable shares surged ahead of June IIP data release and a fall in crude oil prices following easing of economical global worries, also boosted the sentiment, brokers said.

The BSE Sensex resumed higher at 25,703.78 and hovered in wide range of 25,904.98 and 25,645.79 before ending the day at 25,880.77, showing a smart gain of 361.53 points of 1.42 per cent. Yesterday, it had risen by 190.10 points.

Today's 361.53-point rise is the Sensex's best daily gain since June 6, 2014 when it zoomed by 376.95 points.

"Markets rose for the second successive day on buying in select heavyweights. Supportive global markets and reduced geo-political concerns helped support the markets. Better-than-expected numbers from companies like Tata Motors supported the sentiment. Going ahead, we expect geo-political issues on the global front and further reform initiatives from the Government on the domestic front, to drive markets. Remaining quarterly results and the progress of monsoons can be the near-term triggers,” said Dipen Shah, Head- Private Client Group Research, Kotak Securities.

Shares of Tata Motors closed 6 per cent up after the firm reported over 3-fold jump in June quarter consolidated profit.

"Some of the stocks like Tata Motors, Apollo Hospitals and Oil India gained after posting healthy numbers. Power and pharma stocks were also in limelight. Easing of crude oil prices too boosted market sentiment," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.

The NSE 50-share Nifty rose 101.10 points, or 1.33 per cent -- its biggest rise since June 30 -- to end at 7,727.05. Yesterday, it had climbed 57.40 points. It regained the 7,700 mark at close after breaching it last on August 5, 2014.

Markets experts said quarterly profits reported by a majority of big firms today were above estimates.

Sentiments remained up beat as most participants expect further improvement IIP and CPI inflation, which are scheduled for release later today, according to Jayant Manglik, President-retail distribution, Religare Securities.

Asian stocks ended mixed as investors seemed to put aside geopolitical concerns. Key benchmark indices in

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