Sensex closes 357 points up amid positive global cues

A benchmark index for Indian markets Friday closed 357 points higher amid positive global cues, paring losses incurred in earlier days of the week.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,325.82 points, closed at 17,503.24 points, 357.72 points or 2.09 percent up from its previous close at 17,145.52 points.

The Sensex had risen to an intra-day high of 17,531.62 points. For the week, the Sensex closed 133.56 points or 0.76 percent lower.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also closed higher at 5,333.55 points, up 2.17 percent or 113.1 points.

Broader markets too were in the green. The BSE midcap index ended 2.16 percent higher, while the BSE smallcap index was up 1.35 percent. Metals, capital goods and banking stocks were among major gainers.

“Indian indices outperformed most of the global indices today. Positive global cues kept the markets strong throughout the session and they closed with gains of more than 2 percent,” said Dipen Shah, head of fundamental research, Kotak Securities.

“News came in that a majority of the private sector investors had agreed to a debt swap deal with Greece and this will pave the way for Greece to source additional funding to avoid a default. With the probability of default diminishing, sentiment improved quite a bit,” added Shah.

The market breadth was positive with 1,845 stocks advancing, 989 declining and 113 remaining unchanged.

Gainers on the Sensex included Jindal Steel, up 6.83 percent at Rs.572.85; Tata Steel, up 6.74 percent at Rs.453.70; ICICI Bank, up 6.22 percent at Rs.914.70; and L&T, up 5.27 percent at Rs.1,302.05.

Major losers included Wipro, down 1.63 percent at Rs.432.15; ITC, down 0.74 percent at Rs.208.30; Infosys, down 0.69 percent at Rs.2,859.85; and Hindustan Unilever, down 0.59 percent at Rs.382.05.

Asian markets closed higher as investors were enthused after Greece came closer to a deal with private creditors to restructure its debt and avoid a massive default.

Also, news of China’s inflation falling sharply in February boosted sentiments as this would give Beijing more room to stimulate the world’s second largest economy.

The Japanese Nikkei closed 1.65 percent higher at 9,929.06 points, while Hong Kong’s index ended 0.89 percent up at 21,086 points.

The Chinese Shanghai Composite index closed 0.79 percent up at 2,439.46 points.

European markets were, however, trading flat.

Britain’s FTSE 100 was trading 0.11 percent down at 5,853.26 points, while the German DAX was trading 0.1 percent up at 6,841.59 points.

The French CAC 40 was ruling 0.21 percent up at 3,471.02 points.