Sensex zooms 462 points up; auto stocks rise

On the day the US Fed decided not to make any substaintial change in its bond buying program, a benchmark index of Indian equities markets surged 462.72 points or 1.74 percent.

The markets made gains for the second day after two consecutive sessions of decline. The index had lost around 324 points Tuesday and fell by more than 250 points Monday.

Sensex had gained by 138 points or 0.52 percent on Wednesday.

All the sectoral indices made healthy gains. Rally was led by automobile, capital goods, banking, consumer durables, healthcare, oil and gas and metal stocks.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 26,573.89 points, was trading at 27,094.01 points (at 3.00 p.m.), up 462.72 points or 1.74 percent from the previous day's close at 26,631.29 points.

The Sensex touched a high of 27,108.64 points and a low of 26,503.08 points in the trade so far.

"There is a relief in the market after the outcome of the two-day US Fed meeting, which did not result in any major annoucements regarding downsizing of the stimulus plan," said Dipen Shah, head - private client group research, Kotak Securities.

The S&P BSE automobile index rocketed 413.66 points, followed by capital goods index which jumped 367.46 points, bankex gained 356.45 points, consumer durables index moved up by 311.71 points, healthcare index got augmented by 202.75 points, oil and gas index went rose 186.35 points, and metal index increased by 155.31 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) rose 132.90 points or 1.67 percent at 8,108.40 points.

Major BSE gainers were Unitech, up 10.68 percent at Rs.25.40; Adani Power, 8.33 percent at Rs.53.30; HDIL, up 8.30 percent at Rs.92.60; Zee, up 6.16 percent at Rs.8.30; and Ashok Leyland, up 5.93 percent at Rs.41.10.

Major Sensex gainers included Hero MotoCorp, up 4.90 percent at Rs.2,979; Bajaj Auto, up 3.87 percent at Rs.2,404.80; Tata Motors, up 3.40 percent at Rs.524.10; HDFC, up at 3.31 percent at Rs.1,051.35; and Dr Reddy's Lab up 3.22 percent at Rs.3,84.20.

--Indo-Asian News Serrvice

rv/vt