Sensex moves up 281 points to 3-month high

Mumbai: The BSE benchmark Sensex on Monday rose to 3-month high at over 19,701, up about 281 points on brisk buying in fundamentally strong stocks on expectations of good fourth quarter earnings and a firm global trend.

The 30-share Bombay Stock Exchange index, Sensex, shot up 281.34 points to 19,701.73, a level last seen on January 7, on aggressive buying in capital goods, IT and banking stocks.

Similarly, the broad-based National Stock Exchange index Nifty shot up 82.40 points to 5,908.45.

Brokers said investor sentiment remained positive on expectations that corporate earnings, as well as overall economic growth will be strong despite the recent surge in oil prices that moved up last month in view of political turmoil in the Middle East.

Besides, they said that a firm trend in other Asian stock markets and higher openings in Europe bolstered the trading sentiment.

The rally was led by Hero Honda, Mahindra and Mahindra, Maruti Suzuki, BHEL, Larsen and Toubro, Infosys, Wipro, Reliance Industries and ICICI Bank.

The two most heaviest, with 23 per cent weightage, on the Sensex — Reliance Industries and Infosys surged. While RIL gained Rs 14.55 at Rs 1,049.85, Infosys was up Rs 65.65 at Rs 3,283.85. Wipro led gains among software exporters after its last week’s announcement to buy SAIC’s IT unit.

Hero Honda Motors, the largest motorcycle maker rose for the 10th day, adding Rs 15.65 to RS 1,618.30 after its sales surged 24.41 per cent to a record in March. Mahindra and Mahindra, the largest maker of sport-utility vehicles and tractors, increased Rs 33.75 to Rs 743.85.

Bharat Heavy Electricals Ltd, the biggest maker of power equipment rose Rs 59.95 to Rs 2,173.80 and Larsen and Toubro by Rs 39.10 to Rs 1,690.05.

The capital goods sector index gained the most, adding 2.38 per cent to 13,662.20, followed by IT index that was up 2.18 per cent at 6,659.54. Teck index rose 1.84 per cent to 3,915.18 and auto index by 1.83 per cent to 9,527.37.

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