The Hindu Business Line : Sensex up 233 as oil dips

Trendsetters
NSE S&P CNX Nifty index ended 1.91 per cent higher to close at 3454.55 points.
Prices of wheat and pulses futures on the NCDEX fell following the stock control order of the Maharashtra Government.
BSE Bankex index was the biggest gainer among the sectoral indices.

Mumbai , Sept. 13

Stock markets crawled up the charts on Wednesday on the back of a fall in global crude prices to around $63 per barrel and a healthy recovery in bourses across the globe.

Uptrend

The BSE-30 Sensex gained 233 points to close at 11,893.79 points, up 2 per cent. All indices ended in green with auto and aviation stocks witnessing a significant rally following a further dip in crude prices.

NSE S&P CNX Nifty index ended 1.91 per cent higher to close at 3454.55 points.

Prices of wheat and pulses futures on the NCDEX fell following the stock control order of the Maharashtra Government.

The shares of Deccan Aviation (up 19.97 per cent at Rs 111.75), Jet Airways (up by 7.74 per cent at Rs 685.35) and Maruti Udyog (up by 3.66 per cent at Rs 955.95) recorded gains.

Bank sector

BSE Bankex index was the biggest gainer among the sectoral indices, up by 3.96 per cent at 5,547.75 points. "Banking sector is the most defensive and safe sector with a lot of institutional investors being bullish on retail banking. Also, the UWB-IDBI proposed merger provided momentum," said Mr Vijay Kedia, Managing Director, Kedia Securities.

The stock of IDBI moved up 14.46 per cent at Rs 71.25 while the UWB Bank scrip rose 4.90 per cent to Rs 22.50. Shares of ICICI Bank Ltd, SBI and HDFC Bank all ended in the green.

Losers & gainers

The rally in the markets saw stocks of 248 companies hitting the upper circuit today.

"Markets saw an extension of the covering of short selling that was witnessed on Monday. Also, there was institutional buying in selected shares," a dealer said. The top gainers included Bharti Airtel (up 4.67 per cent at Rs 443.05), NTPC (up 4.4 per cent at Rs 129.40) and ICICI Bank (up 4.29 per cent at Rs 630.85). Hindalco was the biggest loser (down 0.64 per cent at Rs 171) followed by Reliance Communication (down 0.35 per cent at Rs 324.25).