Sensex closes 337 pts up on broadbased buying

New Delhi: The BSE benchmark rebounded quite sharply on Wednesday, adding more than 300 points led by broadbased buying and positive global cues. Oil & gas, banking, capital goods and technology helped the benchmarks wipe out all of Tuesday's loss. The 30-share BSE Sensex shot up 337.05 points, or 2.01 per cent to close at 17,085.34 and the 50-share NSE Nifty jumped 101.65 points or 2.02 per cent, to end at 5,139.15 supported by 48 stocks.

Dilip Bhat of Prabhudas Lilladher feels that 5250-5300 looks very much possible on the Nifty.

He, however quickly says, the triggers are too weak to really carry beyond this particular target. According to him, in the next 6 to 9 months the bearishness will play out. "4500 looks very much on the cards."

All sectoral indices shut shop in the green. The BSE Realty, Bank, Oil & Gas and Capital Goods indices climbed 2-3 per cent. Auto and Metal rose 1.8 per cent each.

Heavyweights Reliance Industries, Bharti Airtel, SBI, ICICI Bank and Bharti Airtel surged 3 per cent each. L&T gained 4 per cent ahead of their quarterly numbers scheduled to be on Friday.

HDFC Bank too gained 3 per cent post second quarter numbers. Private second lender has reported a rise of 31.5 per cent in net profit of Rs 1,199 crore.

Hero Motocorp was the top gainer throughout the session, rallying 4 per cent. India's largest two-wheeler maker's net profit rose 19.4 per cent to Rs 604 crore. The company said margins bottomed out in the first quarter. "We would move higher from here," it added.

DLF moved up 4 per cent as well. Sources claimed that company has received 3 binding bids for Amanresorts. DLF and bankers shortlisted 7 of 15 non-binding bids last week, say sources.

Among other largecaps - TCS, ONGC, NTPC, Wipro, ITC, Tata Motors and Infosys went up 1-3 per cent. However, Sesa Goa fell 2 per cent.

The BSE Midcap Index was up 1.3 per cent and Smallcap up 0.65 per cent. About 1697 shares advanced as against 1145 shares declined on BSE.

Total traded turnover was nearly Rs 1.5 lakh crore.

On the global front, European markets like France's CAC, Germany's DAX and Britain's FTSE were trading 1 per cent higher. France and Germany agreed to balloon the region's rescue fund to 2 trillion euros & supported recapitalizing the region’s banks to meet a 9 per cent capital ratio.