India’s benchmark shares indices ended over 3% higher Wednesday, snapping a five day losing streak, on the back of robust global cues, with Reliance Industries and financials leading the gains.

The 30-share Sensex ended at 15,685 up 510 points or 3.4% and the 50-share Nifty ended at 4,693 up 149 points or 3.3%. The Sensex and the Nifty reached an intra-day high of 15,720 levels and 4,707 mark, respectively.

Markets rebounded in the opening trades mirroring strong global cues. The US markets posted strong gains yesterday on the back of good US housing starts for November and better-than-expected Spanish bond auctions. Also the Federal Reserve proposed new capital and liquidity rules for US banks, which would be rolled out in two phases. The Dow Jones Industrial Average, S&P 500 Index and Nasdaq Composite were up 3% each.

Asian markets ended firm today following good US economic data and better-than-expected Spanish bond auctions. Hang Seng, Nikkei, Shanghai Composite, Taiwan Weighted, and Straits Times gained between 1-3%.

Back home, all the sectoral indices ended in positive terrain. Firm opening of the European markets during late noon trades further boosted sentiment amongst local investors. The CAC-40, DAX and FTSE-100 were up by nearly 1% each.

BSE Bankex surged over 5%. ICICI Bank topped the buyers list in Sensex 30 stocks, zooming nearly 7.5% to Rs 652 after 17% fall in past eleven trading days on the Bombay Stock Exchange (BSE).

Among other financial shares, HDFC gained 5.66%, HDFC Bank surged 6% and SBI was up 2%.

Index heavyweight Reliance Industries shot up 5.5% to end at Rs 713.55. ONGC spurted by 3% to close at Rs 253.

Consumer durable segment too witnessed strong buying demand. Titan Industries was the top gainer among the consumer durable stocks, up 8% to Rs 169. Whirlpool, VIP Industries, Videocon, Rajesh Exports, TTK Prestige and Gitanjali Gems gained between 1-4%.

In the Capital Goods space, BHEL and L&T surged between 2-3%. Capital goods shares were beaten down in the past few sessions post the dismal October IIP data.

In the auto segment, M&M, Maruti Suzuki and Hero MotoCorp accelerated between 3-6%.

For more visit: Business Standard

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