Sensex closes up 117 pts, Tata Steel 7%

Jan 13 2012, 17:34 IST
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BSE which lost 138.35 points in the previous session, recovered by 131.48 points. (Express Photo) BSE which lost 138.35 points in the previous session, recovered by 131.48 points. (Express Photo)
SummarySensex closed at 16,154 pts on buying support in metal, capital goods, power, realty stocks.

The BSE benchmark Sensex today posted a 117-point gain to close at 16,154.62 on good buying support in metal, capital goods, power and realty stocks.

Successful Italian and Spanish bond auctions and remarks from the European Central Bank chief Mario Draghi that the bloc's debt markets seem to have stablized sent global markets upwards. Traders said positive global markets had a positive rub-off on local bourses.

The 30-share Sensex opened strong and remained in the positive terrain throughout the day.

The key index touched a five-week intra-day high of 16,257.34 before falling back on profit-booking in late mid-session. It finally settled at 16,154.62, up by 117.11 points or 0.73 per cent from its last close.

The 50-issue Nifty of the NSE also rebounded by 34.75 points or 0.72 per cent to 4,866.00.

Increased buying by foreign funds and expectations of rate cut by the Reserve Bank in its monetary policy review on January 24 following fall in food inflation and smart rise in industrial production data also boosed the market sentiment.

The metal sector index gained the most by 3.21 per cent to 10,756.45 on BSE. Tata Steel surged 7.11 per cent to Rs 415.70 and Coal India by 5.56 per cent to Rs 343.60.

The capital goods sector was the second best performer by adding 2.86 per cent to 9,297 with Suzlon Energy gaining 8.72 per cent to Rs 22.45 and Larsen and Toubro by 3.84 per cent to Rs 1,172.60.

All eleven shares from the BSE metal index gained, in the range of 0.26 per cent and 7.11 per cent. Besides Tata Steel, Coal India was also up by 5.56 per cent.

Other major gainers were L&T (3.84 per cent), NTPC (3.11 per cent), Jindal Steel (3.07 per cent), DLF (2.64 per cent), Bharti Airtel (2.61 per cent), Wipro (2.56 per cent), Tata Power (1.80 per cent), Sterlite (1.72 per cent), BHEL (1.68 per cent), Tata Motors (1.24 per cent), ITC (1.12 per cent), Icici Bank (1.04 per cent) and M&M (1.04 per cent).

Gail India at 3.19 per cent, Bajaj Auto at 2.96 per cent, Maruti Suzuki at 1.79 per cent, Hero Motocorp at 1.25 per cent were among big losers.

On the overseas front, Asian markets, excepting China and Taiwan, closed in the positive terrain. Chinese stocks dropped on a fall in country's fourth-quarter foreign exchange reserve amid shrinking trade surplus and worries about foreign exchange outflows.

European stocks too were displaying firm trend in their

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