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Post Market Update:Sensex rallies 349 points at close on global support

Buying activity across the board on robust corporate earnings plus strong global peers led markets to trade higher, with the Sensex closing up by 349 points

Indian indices

The Indian markets put up a good show with the support coming in from positive global cues and strong corporate earnings. Short covering was another reason that led the rally, with all the sectoral indices closing in the positive zone. Strong buying in technology, metal, auto, consumer durables, banking and FMCG shares made market?s mood. A normal monsoon forecast was also a cheer on the Street.

Top Sensex gainers ? M&M, TCS, Hindalco Industries, Tata Motors and Jaiprakash Associates. Only three Sensex stocks closed lower ? Reliance Communications, Hero Honda and L&T.

Strong global equities led the Sensex to open the trade 152 points higher at 19274 and remained in the positive territory for the rest of the day. However, the index erased some gains in the early afternoon session and hit the day?s low of 19171 on news that corporate honchos' bail pleas in 2G scam dismissed. Later, recovery was seen and the Sensex moved higher to hit the day?s high of 19485 in late trade. The Sensex rallied 349 points to shut shop at 19471 and the Nifty closed at 5852, rising by 111 points.

Market sentiment

The market breadth stood strong as rising shares outnumbered losing ones over two times. Of the 3,006 stocks traded on the BSE, 1,962 rallied and 951 fell. However, 93 stocks remained unchanged.

Sectoral & stock screening

All the sectoral indices edged higher. BSE Auto was the top performer, surging by 2.72%, followed by BSE IT rising by 2.39% and BSE Metal advanced by 2.32%. Rest of the sectors gained in the range of 0.57 - 1.99%.

Among 'A' group stocks, top three gainers were - BF Utilities shot up by 11.60%, HCL Technologies rose by 9.93% on good results and Jubilant FoodWorks up by 8.96%. Top three losers were - Unitech declined by 5.13% after trial court rejected bail to five accused in 2G case, followed by Container Corporation of India down by 4.42% after posting poor results and DB Realty down by 4.22% after court rejected bail pleas.

Global signals

The European markets rose sharply on Wednesday, tracking gains on the Wall Street and in Asia, after strong sales at tech bellwether Intel and other US firms boosted optimism for European companies' results.

All the Asian indices closed higher on Wednesday.

The US stock index futures point to a strong opening on the Wall Street on Wednesday.