Indian shares bounce back on firm buying


Mumbai : Indian shares bounced back on buying of blue-chip stocks by Indian investors with a key index rising 1.53 percent Tuesday, its strongest close in the past two weeks.

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The surge was led by business conglomerate and index heavyweights Reliance Industries and private sector lender ICICI Bank.

The benchmark 30-share sensitive index of the Bombay stock Exchange (BSE) rose by 1.53 percent or 215.36 points to close at 14,295.50 levels, its strongest close in the last two weeks since its all time high of 14,723.88 on Feb 9. Twenty of its components traded in the green.

The broader 50-issue National Stock Exchange (NSE) index Nifty closed 1.62 percent higher at 4,214.30, the highest since its all-time high of 4,362.95 on June 4.

ICICI Bank was up 2.9 percent to close at Rs.944.40 while Reliance Industries too gained 3.3 percent at Rs.1,727.15.

India's largest lender State Bank of India led the major index gainers of the day, up 4.10 percent at Rs.1,372.40, followed by top engineering and construction firm Larsen & Toubro, up 3.56 percent at Rs.1,995.70 and steel maker Tata Steel, up 3.38 percent at Rs.608.85.

Leading private sector telecom service provider Reliance Communications, oil and natural gas major ONGC, multi-utility vehicle maker Tata Motors, cement major Gujarat Ambuja Cements and textile major Grasim Industries were the other major gainers.

Technological stocks, however, took a beating during the intra-day trading, with the country's fourth largest software exporter Satyam Computers leading the major losers of the day, down 1.80 percent at Rs.468.45, losing Rs.8.60 over its last trade.

The other loses were software major Infosys Technologies, down 1.61 percent to end at Rs.1,956.85, losing Rs.32.05 over its last traded share and top software exporter TCS, down 0.51 percent at Rs.1,160.60.