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BSE Sensex surges 351 points on value buying

Brokers said investors resorted to value-buying in financial and rate sensitive stocks realty, auto and metal counters which have been losers in the past few days. They said trading sentiment was bolstered by TCS, HCL Tech and Mindtree which reporter robust earning figures.

(Photo: Reuters) (Photo: Reuters)

After three days of losses, the BSE Sensex surged by over 351 points on value buying by foreign funds amid corporates Tata Consultancy Services (TCS) and HCL Tech reporting robust fourth quarter earning figures.

Brokers said investors resorted to value-buying in financial and rate sensitive stocks realty, auto and metal counters which have been losers in the past few days. They said trading sentiment was bolstered by TCS, HCL Tech and Mindtree which reporter robust earning figures.

The 30-share Sensex soared by 351.61 points, or 1.58 per cent, to end the day's trade at 22,628.84. It had lost 438 points in the previous three sessions.

The 50-share Nifty of National Stock Exchange also spurted by 104.10 points, or 1.56 per cent, to close the day at 6,779.40.

A better trend in the Asian region and higher opening in Europe after US industrial production increased more than forecast in March also supported the uptrend, brokers added.

In 30-BSE index components, 29 stocks closed with gains, led by State Bank of India.

Axis Bank, ICICI Bank, HDFC Ltd, Bharti Airtel, BHEL, GAIL, Hindalco, ITC, Maruti Suzuki, Mahindra and Mahindra, Tata Motors, Tata Power and Tata Steel were the other prominent gainers.

Infosys and TCS ended higher by over one per cent. Heavy-weight Reliance Industries rose by 1.88 per cent to Rs 958.75 ahead of the release of its earnings on Friday.

The realty sector index gained the most by rising 2.79 per cent to 1,492.84. Auto index was up 2.25 per cent at 13,494.62. The metal index rose by 1.85 per cent to 10,266.72 and banking 1.78 per cent to 14,625.65.

Investors were also creating fresh positions in blue-chip available at attractive levels before a long week-end. Markets will remain closed on Friday on account of 'Good Friday', and reopen on Monday for regular trading.