Sensex strikes 13,300 on all-round optimism

Mumbai, Nov 7: Bombay Stock Exchange (BSE) Sensex soared as many as 113.80 points to reach 13,300.69 points in the opening trade on the firm global advice, brokers said here this morning.

A steady-to-firm trend in most Indian ADRs yesterday aided the early upmove. However, the barometer index pared gains after having risen over 100 points within minutes of commencement of trade.

The Sensex was trading 83 points up to 13,270 points.

IT and metal shares had edged higher. Asian stocks rose today, boosted by tech and motor stocks on optimism about the economic outlook in the United States, a key export market, and as higher oil and commodity prices inspired resources firms. Gains in the Asian share markets followed a strong rally on the Wall Street, where a string of corporate takeovers bolstered optimism about the economy and propelled the Dow and S&P 500 indices to their biggest one-day gains in a month.

Metal shares edged higher as metal prices continued strong on the London Metal Exchange (LME). Hindustan Zinc gained 3 per cent (pc) to Rs 972, Sterlite Industries rose 1.2 pc to Rs 541, Hindalco rose 0.5 pc to Rs 188.40 and National Aluminiuim Compnay rose 0.8 pc to Rs 230.

Software major Infosys gained 1.8 pc to Rs 2,108, after its ADR rose 1.5 pc to USD 51.66 on Nasdaq yesterday. Satyam Computer rose 1.7 pc to Rs 429 after its ADR gained nearly 1 pc to USD 21.29 yesterday.

Private sector banks, too, tracked overnight gains in their ADRs.

HDFC Bank was up by 1.2 per cent to Rs 1,010 after its ADR rose 1.5 per cent yesterday to USD 70.34. ICICI Bank rose 0.7 pc to Rs 773.80, after its ADR rose 1.2 pc to USD 35.73 yesterday.

Tata Motors rose 1.4 per cent to Rs 828.45 after the reports said the company has acquired a South African truck-manufacturing plant from Japanese auto giant Nissan.

Tata Steel rose nearly 1 per cent to Rs 510.60 on optimistic reports that it will complete the agreed takeover of Corus Group by January, brokers added.

UNI

Related Stories
Sensex touches a new peak of 13,186.69