Sensex closes 337 points higher on broadbased buying
19 Oct 2011
The BSE benchmark rebounded quite sharply on Wednesday, adding more than 300 points led by broadbased buying and positive global cues. Oil & gas, banking, capital goods and technology helped the benchmarks wipe out all of yesterday's loss. The 30-share BSE Sensex shot up 337.05 points, or 2.01% to close at 17,085.34 and the 50-share NSE Nifty jumped 101.65 points or 2.02%, to end at 5,139.15 supported by 48 stocks.
Dilip Bhat of Prabhudas Lilladher feels that 5250-5300 looks very much possible on the Nifty.
He, however quickly says, the triggers are too weak to really carry beyond this particular target. According to him, in the next 6 to 9 months the bearishness will play out. "4500 looks very much on the cards."
All sectoral indices shut shop in the green. The BSE Realty, Bank, Oil & Gas and Capital Goods indices climbed 2-3%. Auto and Metal rose 1.8% each.
Heavyweights Reliance Industries, Bharti Airtel, SBI, ICICI Bank and Bharti Airtel surged 3% each. L&T gained 4% ahead of their quarterly numbers scheduled to be on Friday.
HDFC Bank too gained 3% post second quarter numbers. Private second lender has reported a rise of 31.5% in net profit of Rs 1,199 crore.