Nifty surges 216 pts; comeback rally of 1700 pts on Sensex

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Nifty surges 216 pts; comeback rally of 1700 pts on Sensex
A cocktail of good news including receding Syria tensions, strong global cues and a rallying rupee, saw the Sensex surging a huge 707 pts on the back of heavy buying in frontline stocks including Tata Motors, HDFC and heavyweight ITC. Today's gains means the Sensex has rallied a sensational 1700 pts in 4 trading sessions. The Nifty closed the day higher by 216 points.

Global cues were firm after fears of an attack on Syria receded and foreign fund bought heavily on substantial gains in the rupee. In fact, the currency today recovered and was last trading at 64.10, up 110 paise over Friday's close.

The star performer from the Nifty was Tata Motors which surged more then 10 per cent, following hopes of improving prospects for the company, particularly its Jaguar Land Rover Unit. FMCG stocks which were subdued in the last few trading sessions came to life with ITC and Hindustan Unilever, both gaining substantially in trade.

Larsen and Toubro also saw heavy buying interest and the stock jumped 6 per cent in trade. HDFC, a FII favourite also joined the list of gainers with the stock ending the day 6 per cent higher.

Other notable gainers in trade were Bharti Airtel which rallied more then 4 per cent after the Telecom Regulatory Authority cut the reserve spectrum price by 80 per cent.
Banking stocks were on fire once again with Axis Bank leading gainers and rallying a huge 5 per cent, while Yes Bank also rallied 5 per cent and Punjab National Bank was up 3 per cent.
Among the top losers in trade today was Bharat Heavy and Cairn India.

Meanwhile, most of the global markets staged a spectacular comeback with hopes of a conflict with Syria receding. European markets were up in trade, while Asian markets like the Jakarta Composite was up 3 per cent, while the Shanghai Composite and Hang Sang were up 1 per cent each.

Read more about: sensex, nifty, itc, hdfc, hul
Story first published: Tuesday, September 10, 2013, 14:47 [IST]
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