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Sensex surges by 152 points in late morning trade

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Sensex surges by 152 points in late morning trade

The BSE benchmark Sensex surged by 152 points on the first trading session of 2013 on the back of buying after US policymakers reached an agreement to avert the imminent fiscal cliff of wide-reaching tax hikes and deep spending cuts in the world's biggest economy.

Persistent capital inflows from foreign funds into equity market also boosted the market sentiment.

Foreign institutional investors (FIIs) bought shares worth a net Rs 826.34 crore yesterday as per provisional data from the stock exchanges.

Shares of realty, consumer durable, metal, capital goods and banking sectors firmed up sharply on good buying support.

The BSE benchmark Sensex resumed higher at 19,573.45 and shot up further to a high of 19,588.46 before quoting at 19,578.92 at 10:20 a.m., showing a net gain of 155.21 points or 0.78 per cent from its last close. The NSE 50-Share Nifty also firmed up by 43.90 points or 0.74 per cent to 5,949.00 at 1020 hrs.

Major gainers were Hindalco (1.99 per cent), SBI (1.88 per cent), Jindal Steel (1.72 per cent), Sterlite Ind (1.41 per cent), Tata Steel (1.40 per cent) and Larsen (1.40 per cent). 

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