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Sensex rallies by 287 pts in late morning trade

Mumbai (PTI): The S&P BSE benchmark Sensex rallied by 287 points in the late morning trade today on persistent buying, mainly in IT, metal, tech, auto and consumer durable sectors, on the back of higher Asian cues coupled with appreciation of rupee value against the dollar.

Capital goods pivotals gained for the second day in a row. Bajaj Auto edged higher after the company reported better than expected September sales.

In the foreign exchange market, the rupee was hovering at 61.95 per dollar as against the last close of 62.46.

The Sensex resumed higher at 19,585.79 and firmed up further to 19,823.95 before quoting at 19,804.35 at 1025 hrs, showing a gain of 287.20 points or 1.47 per cent from its last close.

The NSE 50-share Nifty also rose by 90.20 points or 1.56 per cent to 5,870.25 at 1025 hrs.

Major gainers were TCS (3.57 per cent), Sesa Goa (3.31 per cent), Wipro (3.09 per cent), Bajaj Auto (2.98 per cent), Tata Steel (2.45 per cent), Coal India (2.41 per cent) and M&M (1.88 per cent).

Asian shares turned higher in their early trade, shaking off a weak start following an encouraging reading on manufacturing activity in China.

Key benchmark indices in Japan, Hong Kong, Taiwan and Indonesia rose 0.11 per cent to 1.5 per cent while Singapore’ Straits Times fell by 0.1 per cent. Markets in mainland China are closed till 7 October 2013 for National Day holidays.

US stocks fell yesterday as investors watched for progress on ending an impasse over federal spending that shut down the government for the second day.

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