Sensex zooms up by 300.94 points, Nifty ends above 4400 mark

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Mumbai, Aug 1 (UNI) The Sensex of the Bombay Stock Exchange today zoomed up to 14,656.69 with a big gain of 300.94 points even as the Nifty index of National Stock Exchange (NSE) was quoted above the 4400 mark, closing in positive terrain at 4413.55, up by 80.60 points, on heavy speculative demand from Foreign Institutional Investors in some key sectors.

In the last three days, Sensex and Nifty has shot up by 865.15 and 223.70 points respectively.

It was a strong session for markets on the back of huge buying in capital goods, power, oil&gas, banking, metal, realty and technology stocks.

Nifty clawed back above the 4400 mark and Sensex above 14,500 level in today's trade. Markets opened weak in morning trade due to negative global cues and disappointing results from major telecom and realty players but strong buying in heavyweights shrugged off both those negative news in second half of the session and both indices regained their entire loss.

The Sensex closed with a big gain of 300.94 points or 2.10 per cent at 14,656.69. It touched an intraday high of 14,682.33 and low of 14,032.87, swung more than 600 points in a day.

Nifty closed at 4413.55, up 80.60 points or 1.86 pc, which hit a high/low of 4422.95 and 4235.70, respectively.

The market, which had opened weak on subdued global cues, completely changed the course, ending near the day's high. The rally gathered steam in late trade after United Nations nuclear watchdog chief Mohamed El Baradei today said a basic inspection plan for India met all safeguards standards. Members of IAEA's board of governors will be voting on the India-specific nuclear safeguard agreement, a key step in operationalisation of the Indo-US nuclear deal.

Index heavyweight Reliance Industries surged. Oil&gas, capital goods, power stocks also gained. Jaipraksh Associates gained more than 8.5 pc, while State Bank of India and HDFC jumped more than 5.5 pc each.

Bharat Heavy Electricals and Reliance Infrastructure surged more than 4.5 pc each.

However, Reliance Communications (RCom) dipped more than 12 per cent on disappointing Q1 results.

Telecom minister A Raja today said the government will hold a global auction for high-speed third-generation (3G) mobile services and have five operators initially. India has 60 MHz of 3G spectrum available, and will allow both GSM and CDMA 3G services, he said.

The BSE clocked turnover of Rs 6725 crore today as compared to Rs 5,091.04 crore on Thursday.

1,540 shares advanced on BSE as compared to 1113 that declined.

78 remained unchanged. Among the 30-member Sensex pack, 20 gained, while the rest declined.


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