Sensex recovers by 277 pts on firm global cues

The Indian bourses got a boost from firm trends in global markets as well as a smart rise in the Reliance Industries Ltd (RIL) stock, which has the highest weight in the Sensex, helping the benchmark Sensex to spurt by 277 points.

The Bombay Stock Exchange 30-share Sensex moved in the range of 9,342.47 and 9,125.65 before concluding the day at 9,323.59, a net gain of 276.85 points or 3.06 per cent over the previous close.

Refinery counters, led by RIL, were major gainers. RIL shot up by Rs 75.05 or 6.56 per cent, mainly contributing to the index gains.

Stocks of power, metal and public sector undertakings (PSUs) were in keen demand while realty shares were at the receiving end on distress selling.

On Thursday, the Sensex had tumbled by 324 points or 3.46 per cent.

The broader 50-share Nifty of the National Stock Exchange also went up by 91.75 points or 3.35 per cent to 2,828.45 from the last close.

Asian indices ended up by 0.1-2.6 per cent while European markets were trading higher by nearly two per cent in early trade due to recovery on Wall Street on Thursday.

Expectations of more government help to salvage the deepening financial crisis in the US led the recovery in American share markets on Thursday.

US officials decided to support the ailing Bank of America by injecting USD 20 million and also unveiled a plan worth USD 825 billion to support the economy.

The BSE oil & gas index zoomed by 287.66 points or 5.09 per cent. The power index was up by 72.74 points or 4.29 per cent, the metals index by 166.41 points or 3.45 per cent, and the PSU index by 165.09 points or 3.36 per cent.

NTPC was up 7.69 per cent, Reliance Infra 7.34 per cent, Tata Power 4.89 per cent, Reliance Com 4.79 per cent, Bharti Airtel 4.77 per cent, ONGC 3.72 per cent, ICICI Bank 3.69 per cent, Hindalco 3.63 per cent, BHEL 3.24 per cent and Tata Steel 3.21 per cent.

However, DLF declined by 3.51 per cent, TCS by 1.38 per cent and Grasim by 1.11 per cent.

The market breadth was slightly positive as 1,241 shares recorded gains against 1,162 that ended with losses on the BSE.

The trading volume continued to remain low but slightly better at Rs 2,943.30 crore from Rs 2,904.93 crore on Thursday.

Bank of Baroda (FII block deals) was the top-traded share with the highest turnover of Rs 291.83 crore, followed by RIL (Rs 266.47 crore), Satyam Computer (Rs 152.84 crore), Rel Capital (Rs 120.84 crore) and Rel Infra (Rs 115.45 crore).

The BSE-100 index also recouped by 124.87 points or 2.69 per cent to 4,773.78 from 4,648.91 previously.

The BSE-200 index and the Dollex 200 also quoted higher at 1,106.64 and 377.55 at close from 1,079.71 and 366.52, respectively.