Sensex registers biggest ever gain of 893.5 points in a single day

Mumbai, Nov 14 : BSE Sensex on Wednesday registered its biggest ever gain in a single of 893.58 points to settle at the third-highest level ever on buying by investors in bank counters and blue chip companies such as Reliance Industries.

Reliance Industries Limited (RIL), the country’s most valued firm, soared by 7.11 per cent. HDFC Bank gained 10.81 per cent, while HDFC rose by 6.51 per cent at close of the stock market.

"The market gain was because of global cues. Besides, the political development also gelled well with the sentiment. The rally was driven by short covering, strong buying by domestic investors. However, there was not much involvement of foreign investors, " ASIKA Stock Brokers’, Paras Bodhra, said.

The rise in stock market came after a downward correction of about 10 per cent from the intra-day peak of 20,238.16 on October 30, to a trading low of 18,333.21 on November 12.

The previous biggest one-day gain was on October 23 this year, when the BSE barometer rose 878.85 points after market regulator SEBI allowed sub-accounts of Foreign Institutional Investors (FIIS) to trade.

The broader S&P CNX Nifty of the National Stock Exchange also gained by 242.50 points or 4.26 per cent to 5,937.90 from previous close of 5,695.40.

Strong global cues, easing worries over the US credit crisis and indications of a softening of hardline by the Left parties on the Indo-US civil nuclear deal powered the growth, market players have said. (ANI)

Business News: