Sensex Rises 115 Points Amid Optimism About U.S. Economy
By PTI
Mumbai: The benchmark Sensex gained for the first time in three days and closed 115 points higher today, led by heavyweight Reliance Industries, as Asian and European stock markets advanced amid optimism about the U.S. economy.
The index dipped briefly towards the end of the session before recovering. There was some selling on the expiry of futures and options (F&O) contracts and some cautious investors booked profits ahead of GDP and fiscal deficit data due tomorrow.
The Sensex also got support from Larsen & Toubro, Infosys and HDFC shares. BHEL and Hindalco Industries were the big gainers as 23 of the 30 shares on the index moved up.
Capital goods, realty and power stocks led 12 of the 13 BSE sectoral indices higher.
The S&P BSE Sensex opened on a higher note and stayed above the 20,500 level for most of the morning session. It dipped to the day's low of 20,461.51 in the last hour of trade, before recovering to close at 20,534.91, a gain of 114.65 points or 0.56 percent.
Oil and gas shares gained as crude oil consolidated at a six-month low after U.S. crude stockpiles rose for the 10th straight week.
"Today was F&O expiry day and hence intra-day volatility was high as investors rolled their positions to next month. Positive data from U.S. and strength in global markets also boosted market sentiment," said Rakesh Goyal, Senior Vice President at Bonanza Portfolio.
The 50-share CNX Nifty on the National Stock Exchange rose 34.75 points, or 0.57 per cent, to end at 6,091.85. The SX40 on the MCX Stock Exchange closed 65.24 points higher at 12,185.23.
Asian stock indices, barring Hong Kong's Hang Seng, gained after U.S. stocks rose yesterday ahead of the Thanksgiving Day holiday amid positive jobs data and rising consumer confidence. The Standard & Poor's 500 index and the Dow Jones Industrial Average closed at record levels.
European markets were also higher ahead of German inflation and unemployment data. Key indices in France, London and Germany moved up.
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