Sensex recovers by over 285 pts

Mumbai: Heavy buying at lower levels in recently battered stocks mainly from realty, capital goods, banking, power, metal and auto sectors pushed up the benchmark sensex by over 285 points to end at 17,731.12, broking straight four-session of losing string.

Firm global advices after German parliament has approved the second financial bailout package for Greece and persistent capital inflows from foreign funds into equity market boosted the market sentiment, a broker said.

Foreign institutional investors (FIIs) bought shares worth a net Rs 329.09 crore yesterday as per provisional data from the stock exchanges.

Good buying in heavyweights like HDFC Bank, SBI, RIL, L&T, Tata Motors, ICICI Bank, BHEL, Tata Steel, Bajaj Auto, Hindalco, Sterlite Ind and HDFC mainly contributed immensely to the sensex gains.

Some pull-back in global crude oil prices too helped the recovery in share values as India import nearly 80 per cent of its oil requirement.

The BSE benchmark sensex resumed strong and remained in positive terrain throughout the day before concluding at 17,731.12, a net gain of 285.37 points or 1.64 per cent. The sensex had lost by 982.86 or 5.33 per cent in last four sessions.

The NSE 50-share Nifty also recovered by 94.30 points or 1.79 per cent to finish at 5,375.50. Asian stock markets ended higher on positive economic data in the US. Key benchmark indices in Hong Kong, Singapore, Japan, Kospi, Taiwan and China firmed up by 0.20 per cent and 1.65 per cent. .

European stocks were also trading higher in the afternoon trade as banks rebounded a day head of the second long-term refinance operation from the European Central Banks. Key indices in France, Germeny and UK rose between 0.06 per cent to 0.42 per cent.

Out of the 30-share sensex pack 24 scrips finished with gains while only six declined.

Major gainers from the sensex pack were BHEL (6.74 pct), Hindalco Ind (4.97 pct), State Bank Of India (4.92 pct), Tata Motors (4.85 pct), DLF (4.78 pct), Sterlite Ind (4.58 pct), Tata Steel (3.66 pct), Larsen (3.55 pct), Bajaj Auto (3.48 pct), HDFC Bank (3.29 pct), Icici Bank (2.69 pct), Tata Power (2.51 pct), Coal India (2.35 pct), Jindal Steel (2.13 pct), RIL (1.90 pct), Hero Motocorp (1.88 pct), Cipla (1.67 pct), M&M (1.23 pct), Maruti Suzuki (1.14 pct) and ONGC (1.02 pct).

Among the sectoral indices the BSE-Realty shot up by 5.91 pct followed by the BSE-Capital Goods 4.02 pct, the Bankex 3.93 pct, the BSE-Power 3.57 pct, the BSE-Metal 3.43 pct, the BSE-Consumer Durable 3.12 pct and the BSE-Auto 3.04 pct.

The market breadth turned strong as 2,139 stocks ended in green while 765 stocks finished in red. The total turnover improved to Rs 2,816.50 crore from the yesterday`s closing level of Rs 2,550.63 crore.