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BSE Sensex soars 350 points, closes at one-month high

The rally was led by Reliance Industries (3.99 per cent) and ICICI Bank (3.85 per cent), which together added over 100 points to the jump in Sensex.

BT Online Bureau | January 10, 2012 | Updated 18:09 IST

The BSE Sensex surged over 350 points to close Tuesday's trade at a one-month high of 16,165.09 points. The bourses got buying support after Moody's upgraded India's foreign currency rating to 'investment' grade and on news of likely rate cuts by the Reserve Bank of India (RBI) in its next policy review.

The rally was led by Reliance Industries (3.99 per cent) and ICICI Bank (3.85 per cent), which together added over 100 points to the jump in Sensex.

In across-the-board buying, all 13 sectoral indices closed higher in the range of 0.59 per cent 4.20 per cent.

Realty, banking, metal, auto stocks were among the biggest gainers. HDFC, L&T, ITC, SBI, M&M, Infosys Tech, Bharti Airtel, Tata Motors were the other significant stocks that ended up.

The 30-share index resumed higher on the back of positive Asian advices following better closing on the Wall Street on Monday.

It got a further boost when the news of Moody's upgrading India's rating filtered in. The key index never looked back and surged all the way to settle at 16,165.09, showing a sharp rise of 350.37 points or 2.22 per cent. This is highest closing level since December 9.

The 50-issue Nifty of the National Stock Exchange also flared up by 106.75 points, or 2.25 per cent, to one-month high of 4,849.55.

A hefty increase in foreign direct investment (FDI) to 56 per cent in November also kept the market tempo upbeat. The FDI inflows in November totalled $2.53 billion against $1.62 billion in the same month last year.

Asian markets ended firm on Tuesday on optimism that US economy is weathering Europe's sovereign-debt crisis. Key benchmark indices from China, Hong Kong, Japan, Singapore, South Korea and Taiwan ended up between 0.38 per cent and 2.69 per cent

European indices too were trading higher between 1.0 per cent and 2.0 per cent in their afternoon deals.

Among the sectoral indices on BSE, realty spurted by 4.20 per cent, consumer goods by 3.56 per cent, bankex by 3.17 per cent, metal by 2.96 per cent, auto 2.91 per cent and oil & gas 2.74 per cent.

Buying was seen in second-line stocks by retail investors for the second day. BSE-Smallcap and the BSE-Midcap indices concluded up by 2.63 per cent and 2.24 per cent respectively.

The total market breadth on BSE was strong as 2,137 stocks closed in the green 671 that ended in the red. The total turnover shot up to Rs 2,555.43 crore from Rs 1,986.31 crore on Monday.

- With inputs from agencies

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