Mumbai: The BSE benchmark Sensex on Monday recovered by 98 points on buying in heavy-weight front runners such as Reliance Industries, Infosys and TCS amid firming global trend. (Agencies)
The Sensex recovered by 98 points, or 0.50 percent, to close at 19,673.64 led by stocks of IT and metals. The index had lost 160 points in the previous session.
Similarly, the broad-based National Stock Exchange index Nifty rose by 27.05 points, or 0.46 per cent, to 5,971.05. Brokers said trading sentiments bolstered as the Reserve Bank of India cut key interest rates on Friday to give a push to the slowing economic growth.
They said foreign as well as domestic funds were seen enlarging their holding in fundamentally strong stocks available at attractive lower levels after recent bear phase.
A better trend in the Asian region and higher opening in Europe after more-than-expected rise in the US job data signalled improvement in global economy, was another supporting factor, they added.
The two most-heavy with nearly 16 percent weightage on the Sensex, Reliance Industries and Infosys shot up by 2.53 percent to Rs 821.50 and by 1.46 percent to Rs 2,341.40, respectively.
The software major Tata Consultancy Services spurted by 3.25 percent to Rs 1,464.85. The metal sector index gained the most by rising 1.98 percent to 8,960.04 on hopes of better realizations after the copper rose over six percent on Friday, its steepest single day gain in 18 months.
The IT sector index was second best performer by rising 1.88 percent to 5,991.62 as investors felt an improvement in global economy would boost demand. The country's software exporting companies get over 60 percent from the US and
European markets. In 30-BSE index components, 21 stocks closed higher while nine ended with losses.
Mumbai: The BSE benchmark Sensex on Monday recovered by 98 points on buying in heavy-weight front runners such as Reliance Industries, Infosys and TCS amid firming global trend.