Growth numbers help Sensex gain 1.77 percent (Roundup)

Mumbai, Nov 30 ( Robust numbers on the economic front helped a benchmark index of the Indian equities markets gain 1.77 percent Monday, with metal, telecom and technology scrips leading the rally.

The sensitive index (Sensex) of the 30-scrip Bombay Stock Exchange (BSE), which opened at 16,655.75 points against Friday’s close at 16,632.01 points, closed at 16,926.22 points, up 294.21 points or 1.77 percent.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,032.7 points against the previous close at 4,941.75 points, reflecting a gain of 1.84 percent.

Broader market indices also closed in the positive, with the BSE midcap index ending 1.63 percent higher and the BSE small cap index 2.08 percent up.

Signs of an upturn in the Indian economy were reinforced with the country’s gross domestic product (GDP) showing a 7.9 percent growth in the second quarter this fiscal, taking the markets and analysts by surprise.

Among major gainers on the Sensex were Bharti Airtel, up 5.66 percent at Rs.299.70; Tata Steel, up 5.6 percent at Rs.575.40; Jaiprakash Associates, up 5.2 percent at Rs.225.65; and Tata Motors, up 4.99 percent at Rs.660.90.

There were only four losers on the 30-scrip Sensex: Hero Honda, down 1.42 percent at Rs.1,720.90; SBI, down 0.19 percent at Rs.2,238.15; Maruti Suzuki, down 0.15 percent at Rs.1,561.70; and Sun Pharma, down 0.14 percent at Rs.1,456.95.

All 13 sectoral indices on the BSE ended in the green.

The market breadth was positive, with 2,054 stocks advancing, 710 scrips declining and 68 remaining unchanged.

Major Asian markets Monday seemed to have shrugged off last week’s fears over Dubai World’s $59-billion debt debacle.

A key Japanese index, the Nikkei, closed 2.91 percent or 264.03 points up at 9,345.55 points.

The Hang Seng, a benchmark index of the Hong Kong Stock Exchange, shut at 21,821.5 points, 3.25 percent or 687 points higher.

The Kospi, the benchmark index of the Korean Stock Exchange, was at 1,555.6 points, up 2.04 percent.

In China, the Shanghai composite index closed 3.2 percent up at 3,195.3 points.

European markets were, however, trading dull after incurring sizeable losses last week. A key index of the London Stock Exchange, the FTSE 100 index was ruling 0.69 percent lower at 5,209.6 points.

The French index, CAC 40, was at 3,673.9 points, down 1.28 percent, while its German peer, the DAX was trading 1.14 percent down at 5,620.96 points.