Sensex zooms 409 pts; regains 19,000 level after 32 months

Mumbai, Sep 13 (PTI) The BSE benchmark Sensex Monday
zoomed by more than 408 points to cross the 19,000-level for
the first time in 32 months on aggressive buying across
banking, energy and realty sectors, sparked by robust factory
output in July.
Extending its gains for the fifth successive session, the
30-share benchmark of the Bombay Stock Exchange surged by
408.67 points, or 2.17 per cent, to 19,208.33 -- its best
close since January 17, 2008, when the Sensex closed at
19,700.
Stretching last week's solid gains, the National Stock
Exchange's wide-based 50-share Nifty index ended 2.13 per cent
higher at 5,760.
Analysts said that markets will scale new heights in the
coming days on sustained inflows of overseas funds.
"The Indian equities would continue to be sweet spot and
continue to gradually move upwards," Angel Broking CMD Dinesh
Thakkar said.
Monday's rally was led by SBI, Reliance Industries, ICICI
Bank, HDFC, Hindalco and R-Infra, which attracted hectic
buying. Led by banking, oil & gas, realty and metal stocks,
all the sectoral indices of the BSE ended with gains.
"Strong index of industrial production (IIP) numbers
fired the Sensex, which inched up to cross the 19,000-mark,
its highest (close) in almost last three years," Thakkar said.
Industrial growth accelerated to 13.8 per cent in July
from 7.2 per cent in the corresponding month last year on the
back of a 63 per cent jump in capital goods production. Among
the main industry segments, manufacturing activity expanded by
15 per cent from 7.4 per cent a year ago.
Reliance Industries Ltd, which holds the maximum weight
in the Sensex, bounced back smartly and ended with a net gain
of 3.58 per cent at Rs 992.20. In the previous session, the
scrip had ended 0.22 per cent lower.
State Bank of India stole the show and was the top gainer
in the Sensex pack. The scrip ended 5.5 per cent higher. Other
financial stocks were also in high demand.
HDFC zoomed 5.32 per cent, ICICI Bank 4.43 per cent and
HDFC Bank 1.86 per cent.
"Banks led from the front on optimism that lending will
pick up in a fast-growing Indian economy and that they are
well capitalised," IIFL Vice-President (Research) Amar Ambani
said.
DLF climbed 3.42 per cent, Hindalco 4.5 per cent, R-Infra
4.47 per cent and Jaiprakash Associates 2.35 per cent. MORE
PTI SKR
RDM


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