Sensex surges 440 points

Mumbai: Snapping four-day losing streak, the Bombay Stock Exchange (BSE) benchmark Sensex Friday rallied by over 440 points to regain the 16,000 mark on good buying support across sectors, including the recently-battered banking and realty shares.

Taking cues from global stocks which surged Thursday, the 30-share BSE Sensex opened higher by 481 points. It finally finished the day at 16,232.54, a net rise of 440.13 points or 2.79 percent.

The broader 50-issue Nifty of NSE also bounced back by 136.75 points, or 2.88 percent, to end the day at 4,888.05. In previous four trading sessions, the Sensex had plunged by 905.66 points or 5.42 percent on eurozone crisis. The key index was up over 555 points intra-day but a rise food inflation and fall in European stocks in early trade reduced the gains.

Food inflation rose to 9.41 percent for the week ended September 24 from 9.13 percent in the previous week. Brokers attributed the sharp recovery to rise in global markets in the last couple of days as European banks Thursday moved to pump in money into ailing economies and gave investors hope that risks of a crisis was waning. Investors picked stocks of fundamentally strong companies, they added.

Sterlilte Industries was the biggest Sensex gainer at 8.56 percent, followed by Jindal Steel at 8.22 percent. Auto major Tata Motors was the 3rd biggest gainer at 7.73 percent. Banking majors SBI, HDFC Bank and ICICI Bank were up in the range of 2-6 percent. Real estate majo DLG was another notable major at 5.81 percent.