Fair
14°CSat :Partly Cloudy. High: 27 Low: 14

Sensex gains 265 points on rate cut hopes; regains 19K level

Sensex gains 265 points on rate cut hopes; regains 19K level

Mumbai: The BSE benchmark Sensex on Tuesday regained 19,000 level by surging the most in three months led by buying on hopes of more measures to boost economic growth and interest rate cut amid a rally in global markets.

The Sensex spurted by 265.21 points, or 1.40 percent to close at 19,143.17, recording its biggest single day gain since November 29.

Similarly, the broad-based National Stock Exchange index Nifty shot up by 85.75 points, or 1.50 percent, to 5,784.25 led by stocks of Reliance Industries, Infosys and State Bank of India.

Brokers said the market remained bullish after Finance Minister P Chidambaram said that the government will soon announce more measures to boost economic growth.

Banking and interest-sensitive stocks were on the fore-front on expectations of interest rate cut by the Reserve Bank of India in its policy review this month, they said.

“Rate-sensitive sectors like Banking and Realty rebounded from lower levels on expectations of probable rate cut by RBI this month, ” said Rakesh Goyal, Sr Vice President, Bonanza Portfolio Ltd.

Trading sentiment further bolstered as Asian stocks surge and European stocks rose to over four-year high amid speculation that central banks around the world will continue with measures to support economic recovery.

In 30-BSE index components, 25 stocks advanced while five closed lower. The realty sector index gained the most by 3.13 percent 1,947.03 followed by metal index by 2.65 percent to 9,128.59. Banking index rose by 1.89 percent to 13,528.53 and auto index by 1.78 percent to 10,720.39.

The market heavy Reliance Industries shot up by 1.69 percent to Rs 826.30 after Morgan Stanley upgraded its rating on the stock.

The second heavy Infosys rose by 0.62 percent to Rs 2.920.95, while ICICI Bank spurted by 3.36 percent to Rs 1,093.80. The three stocks carry nearly 20 percent weightage on the Sensex.

 

Top Stories

10536-2808-140918-iPhone_6_Plus-Teardown-l

Initially iphone 6 & iphone 6 Plus teardowns uncover high-limit batteries, modified innards

September-19-2014
Nearing hours after Apple dispatched the iphone 6 and 6 Plus on Friday, repair firms and sites are as of now performing
Untitled-5 copy-163781

Last rundown of Bigg Boss 8 candidates uncovered

September-19-2014
Mumbai: The most famous reality TV show ‘Bigg Boss 8′, facilitated by none however the widely adored Salman Khan will go on
hope-whosoever-comes-to-power-will-manage-country-well-says-indra-nooyi_111113095932

Fortune positions Indra Nooyi third most capable ladies ready to go

September-19-2014
New York: Pepsico’s India-conceived CEO Indra Nooyi has been positioned third most compelling businessperson by Fortune, the main Indian-beginning lady on the
Uddhav_Modi_AP_360

Shiv Sena Warns BJP on Seat-Sharing, Says ‘We Are Not Asking, We Are Giving’

September-19-2014
In the round of brinksmanship that the accomplices of 25 years are playing over seat-imparting for the Maharashtra races, the Shiv Sena
980189ac-ecf3-452c-b7a0-3bdc4f505fcdWallpAutoWallpaper2

Movie Review: Fawad Khan, Kirron Kher attempt yet neglect to spare Khoobsurat

September-19-2014
Sonam Kapoor’s Khoobsurat offering Fawad Khan inverse her, hits theaters on Friday. Touted as a redo of Hrishikesh Mukerhjee’s Khoobsurat (1980), the
children

Fighting Parents Can Hurt Emotional Growth of Children

September-18-2014
Wrangling parents put the enthusiastic development of their youngsters in peril, as indicated by another research by New York University. Conjugal issues