Sensex gains 285 points despite dull global cues

Helped by robust buying in capital goods and realty stocks, a benchmark index for Indian equities markets zoomed in the second half of trade on Wednesday, closing 285 points higher. The gain was remarkable as global bourses were dull. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,301.16 points, closed at 17,601.71 points, up 285.53 points or 1.65 per cent compared to its previous close at 17,316.18 points. The 50-scrip S&P CNX Nifty of the National Stock Exchange also closed higher at 5,364.95 points, up 90.1 points or 1.71 per cent from its previous close. Broader markets were in the green too with the BSE 500 index ending 1.76 per cent up. The BSE midcap was up 1.95 per cent, while the BSE smallcap index closed 1.23 per cent higher.  The market breadth was positive with 1,758 stocks advancing, 1,136 on the decline and 130 remaining unchanged. According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors bought stocks worth $38.92 million Wednesday. “The strength in today’s markets has come as a surprise as the global cues were not very strong,” said Dipen Shah of Kotak Securities. “With the Eurozone crisis largely under control, the key external factor for indian equities is the crude price movement,” added Shah. “Oil prices cooled off a bit after Saudi Arabia promised to meet shortfalls in global oil supplies.” Gainers on the Sensex included L&T, up 4.46 per cent at Rs.1,348; TCS, up 3.25 per cent at Rs.1,171.85; ICICI Bank, up 3.07 per cent at Rs.935.40 and SBI, up 2.26 per cent at Rs.2,233.55. Major losers included Hindalco, down 1.01 per cent at Rs.137.25; ONGC, down 0.35 per cent at Rs.271.30; ITC, down 0.18 per cent at Rs.222.90 and Sun Pharma, down 0.17 per cent at Rs.568.15. Asian markets closed in the red as concerns over a slowdown in China’s economy weighed heavy on investors.