Sensex at 7-mth high, up another 139 pts
Short-coverings ahead of the expiry of this month`s derivative contracts on Thursday also boosted the market. Realty, consumer durables and refinery stocks made smart gains. Sensex heavyweight gained 2.92 per cent and contributed over 50 points to the index gains. ONGC, Bharti Airtel, BHEL, ICICI Bank, SBI, ITC, Tata Steel, HDFC Bank, Hindalco and M&M were other gainers.
The Bombay Stock Exchange 30-share index opened higher than the previous close and remained in the positive terrain throughout the day. It closed at 18,428.61, highest since July 27, up 139.26 points or 0.76 per cent. On Friday, it had gained 135.36 points or 0.75 per cent.
The NSE 50-scrip index Nifty gained 42.85 points or 0.77 per cent to close above 5,600-mark after July 25, 2011 to end at 5,607.15. "There was stock specific buying and continued momentum in the market. Global markets rally in the hope of a solution to Greece debt crisis and continued FIIs inflow lifted the local market sentiments," Vikas Jain Derivative Strategist Motilal Oswal Securities said.
"The positivity with which the year 2012 started, still continues. Internationally, Greece`s won a second bailout and this could add liquidity to those markets. The impact could also be visible on commodities such as base metals and bullion," said Milan Bavishi, Head Research, Inventure Growth and Securities.