Sensex extends gains, IT stocks shine

A benchmark index for Indian equities Tuesday extended its morning gains and was up 109 points, helped by buy-ins in IT stocks and heavyweight Reliance Industries, as investors turned bullish with the revival of the monsoon. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,402.68 points, was ruling at 17,550.65 points, 109.21 points or 0.63 percent up from its previous close at 17,441.44 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,269.25 points, up 0.64 percent from its previous close at 5,235.9 points. Broader markets indices were also in the positive, with the BSE midcap index ruling 0.58 percent higher and the BSE smallcap index up 0.6 percent. The meteorological department Monday said the monsoon had revived and covered all parts of the country. IT, metals, telecom and banking stocks saw most of the buying and all the 13 sectoral indices on the BSE were in the green. The market breadth was positive, with 1,600 scrips advancing, compared to 1,140 stocks declining, and 106 remaining unchanged. Asian markets were holding on to modest gains amidst fears of a slowdown in China and feeble growth in the U.S. The Japanese Nikkei was ruling 0.77 percent up at 9,338.04 points, while the South Korean Kospi closed 0.57 percent up at 1,684.94 points. Hong Kong’s Hang Seng was sluggish at 19,903.69 points, up 0.31 percent. However, the Chinese Shanghai Composite index rose 1.92 percent at 2,409.42 points, helped by sharp gains in the recently battered banking stocks.