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Sensex logs biggest gain in four years, up 727 points

This article was posted on Sep 11, 2013 and is filed under Market News

Mumbai: A host of positive factors such as sustained gains in the rupee and easing tensions over Syria kept the stock markets upbeat for the fourth session on Tuesday with the benchmark S&P BSE Sensex zooming 727 points, the most in more than four years.

All sectoral indices gained, led by auto, capital goods and FMCG stocks. The top Sensex winners were Tata Motors, Bharti Airtel, Hero MotoCorp and Larsen and Toubro.

Apart from the rupee’s gains, investors were buoyed by trade data that showed exports on the uptick for the second straight month in August, a revival in car sales last month and a cut in the floor price for auctioning telecom spectrum.

The 30-share Sensex resumed on a strong note as Asian stocks rose, triggered by a rally on Wall Street yesterday. The index breached the 20,000 mark for the first time since July 25, before settling at 19,997.10, higher by 727.04 points or 3.77 percent.

It was the biggest gain in absolute terms since the Sensex surged 2,110.79 points, or 17.34 percent, on May 18, 2009, when the UPA government came to power.

The NSE Nifty index jumped 216.35 points, or 3.81 percent, to 5,896.75, after touching 5,904.85. MCX-SX’s SX40 index ended at 11,849.66, up 458.1 points or 4.02 percent.

The rupee continued its upward journey for the fourth consecutive day and traded at a two-week high of 64.25 against the dollar in afternoon deals, up 99 paise.

For more visit: Zeenews.com

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