Sensex spurts 353 points; consumer durables, auto stocks drive rally
Mumbai: Indian markets rallied over 1.8 per cent on Friday led by lower inflation numbers, Finance Minister P. Chidambaram's five-point action plan announced on Thursday and firm global cues. The 30-share BSE index Sensex was up 352.62 points (1.87 per cent) at 19,179.78 and the 50-share NSE index Nifty was up 109.30 points (1.92 per cent) at 5,808.40.
All BSE sectoral indices ended in the green. Among them, consumer durables (up 3.49 per cent), auto (+3.02 per cent), realty (+2.83 per cent) and metal (+2.74 per cent) led the Sensex rally. Among 30-share Sensex, Hindalco (up 8.42 per cent), Tata Motors (+4.91 per cent),Maruti (+4.09 per cent), Tata Power (+3.72 per cent) and L&T (+3.38 per cent) were the top five gainers, while Wipro (down 0.71 per cent), Hero MotoCorp (-0.41 per cent), Cipla (-0.24 per cent) and HUL (-0.24 per cent) were the major losers.
European stocks were up Asian stocks rebounded from multi-month lows on Friday, as better-than-forecast US retail sales and jobs data bolstered the outlook for the world’s largest economy. Japan’s Nikkei 225 soared 436.53 points or 3.51 per cent to 12,881.91 and Hong Kong’s Hang Seng surged 213.21 points or 1.02 per cent to 21,100.25.
Stoxx 50 was up 7.4 points or 0.28 per cent at 2,669.11, FTSE 100 up 4 points or 0.06 per cent at 6,308.63 and DAX climbed 30 points or 0.37 per cent to 8,125.39. Wall Street had ended up by more than one per cent on Thursday and the dollar pared losses on better-than-expected US retail sales in May and a drop in the weekly jobless benefits claims, which signalled resilience despite fiscal tightening in America. But investors remained nervous ahead of the Federal Reserve policy meeting next week.