Sensex surges up by 460.30 points

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Mumbai, Oct 21: Continuing its upward climb for the second consecutive day, the Sensex of the Bombay Stock Exchange (BSE) zoomed up on Tuesday, Oct 21 by 460.30 points to end positive at 10,683.39 on good bull support by some mutual funds.

Brokers said the central bank's rate cut, higher global markets and short coverings on the stock market, regulator Securities &Exchange Board of India (SEBI)'s warning to foreign funds against overseas lending and borrowing of Indian securities, boosted the domestic bourses. However, intraday volatility was high. The pullback rally was seen in most beaten down stocks like realty, technology, capital goods, power, oil, telecom, FMCG and banking. Midcap and small cap stocks have followed the same trend.

The first couple of hours were pretty volatile, while the second half of the session was very strong. Reliance Industries, TCS, Reliance Communication, SBI, Bharti Airtel, Infosys, Larsen&Toubro, HDFC, ICICI Bank and Tata Steel were leaders of this rally.

On the global front, Asian markets ended slightly mixed. The Nikkei jumped 3.34 pc, Taiwan rose 0.22 pc and Jakarta gained 0.93 pc.

European markets were trading higher. FTSE was up 0.95 pc. CAC surged 2.52 pc and DAX gained 1.08 pc which helped to boost at Indian bourses, brokers pointed out.

The Sensex went up nearly 527.11 points in intraday trade to touch a high of 10,750.20. It closed with a gain of 460.30 points or 4.5 per cent at 10,683.39.

The Nifty index of NSE surged 112.10 points or 3.59 pc to settle at 3234.90. It hit a high of 3254.85. Both the indices resumed high at 10,428.11 points for Sensex and for Nifty at 3125.40 points from their last finish.

Market breadth was positive. About 1783 shares advanced, while 1205 shares declined. Nearly 201 shares remained unchanged.

The total turnover was at 64,789.63 crore. This includes Rs 11,069.48 crore from the NSE Cash segment, Rs 49,845.05 crore from the NSE F&O and the balance Rs 3,875.10 from the BSE Cash segment.

BSE clocked turnover of Rs 3857 crore on Tuesday, Oct 21 as compared to a turnover of Rs 3.697.57 crore on Monday, Oct 20.

UNI

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