Sensex soared 284 points in the early trade

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Mumbai, Feb 21: The sensitive index of Bombay Stock Exchange today recovered 284.06 points to touch a high at 17,911.66 on fresh buying interest in the early trade.

Resuming the day with a wide positive gap of 207.62 at 17,825.22 from its previous close of 17,617.60, Sensex pared the gains on sustained buying following positive cues in the global market. Meanwhile, the broader based Nifty of National Stock Exchange (NSE) was up over 60 points to 5212.22 in the mid-morning trade. The market surged in opening trade on positive cues from the global markets. 29 shares from the 30-member Sensex pack rose. The market breadth was strong. Asian stocks rose today as Wall Street steadied overnight, helped by strong quarterly earnings and the prospect of lower interest rates.

Tata Steel surged 3.93 per cent to Rs 803 on 1.71 lakh shares. It was the top gainer from Sensex pack in the early trade. Reliance Industries (RIL) gained 1.69 per cent to Rs 2524.20 on 69,145 shares.

Banking shares rose after four public sector banks, led by State Bank of India (SBI) yesterday announced a cut in prime lending rates (PLR) by 0.25 per cent to 0.50 per cent, in a move that will make housing and auto loans cheaper. HDFC Bank was up by 1.01 per cent to Rs 1550, State Bank of India was up 0.88 per cent to Rs 2225.05 and ICICI Bank gained 0.85 per cent to Rs 1176.05.

As per provisional data, foreign institutional investors (FIIs) sold shares worth Rs 266.44 crore and domestic institutional investors (DIIs) were net buyers of shares worth Rs 256.18 crore on February 20.

UNI

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