Sensex rallies by over 182 points

Mumbai: Strong results from Larsen and Toubro coupled with higher Asian cues pushed the BSE benchmark Sensex up by more than 182 points in early trade today.

The BSE benchmark Sensex resumed higher at 18,199.96 and hovered in a range between 18,356.80 and 18,161.38 before quoting at 18,323.89 at 1015 hours, showing a net gain of 182.49 points, or 1.01 per cent.

The NSE 50-share Nifty also moved up by 56.05 points, or 1.03 per cent, to 5,484.15 at 1015 hours from its last close.

The capital goods, power, auto, metal and banking sectors were the main gainers. Index heavyweight Larsen & Toubro surged more than 4 per cent after jumping close to 6 per cent yesterday after company said at the time of announcing Q4 March 2011 results that it is well positioned to sustain revenue growth momentum in the medium term.

ITC rose on expectations of good Q4 results. Tata Power also rose after the company`s board recommended a 10-for-1 stock split.

Major gainers from the Sensex pack were Larsen (4.23 per cent), Bharti Airtel (2.11 per cent), DLF (1.87 per cent), Hindalco (1.76 per cent) and Hero Honda (1.50 per cent).

Most Asian stocks edged up in early trade. The key benchmark indices in China, Hong Kong, Indonesia, Japan and South Korea rose between 0.07 per cent and 0.54 per cent, while indices in Singapore and Taiwan fell between 0.08 per cent and 0.15 per cent.