BSE Sensex recovers 257 points, Nifty reclaims 6,300 level

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SensexensexThe benchmark BSE Sensex recovered by 257 points Wednesday on fresh buying, mainly in banking, metal, capital goods, IT and refinery sectors, triggered by firm global cues.

The 30-share barometer, which had lost 101.33 points in Tuesday’s trade, recovered by 256.61 points to 21,289.

The National Stock Exchange index Nifty moved up 79.05 points to 6,321.

Shares of Coal India Ltd rose by over 6 percent after the company declared an interim dividend of Rs 29 per share amounting to Rs 18,317 crore, or a record 290 per cent, for 2013-14.

After making a strong opening, shares of the state-owned firm further gained 5.19 percent to Rs 304.95 on the BSE. On the NSE, the stock shot up by 6.55 percent to Rs 307.85.

Other major gainers were Hindalco (2.78 percent), SSLT (1.79 percent), ICICI Bank (1.59 percent), Hero Motocorp (1.57 percent), TCS (1.52 percent), Cipla (1.39 percent), Bajaj Auto (1.39 percent) and RIL (1.31 percent).
Brokers said fresh buying by funds and retail investors tracking positive cues from other Asian bourses following overnight gains at the US market on strong retail data mainly influenced the trading sentiments here.

Asian stocks rose on optimism the global economy is strengthening. Key benchmark indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were up 0.21 percent to 1.8 percent while China’s Shanghai Composite fell 0.63 percent.

US stocks rose yesterday, giving the Standard & Poor’s 500 Index biggest gain of the year, as better-than-forecast retail sales and corporate merger data signalled confidence in the economy.