Sensex rallies to new 15-month high

Discarding mixed global cues, the benchmark Sensex Tuesday set a fresh 15-month high of 16,454 points by adding over 240 points on hectic buying by funds on reports of advance tax payments by some big corporate houses. After snapping its previous six-day winning streak on Monday, the BSE Sensex opened strong and improved further to settle the day at 16,454.45, higher by 240.26 points or 1.48 percent than its last close.

The last time the key index witnessed this level was on June 2 last year. Marketmen said funds were aggressive buyers across realty, metal, banking, auto and consumer goods counters as they sensed promising second quarter earnings by India Inc. They said second installment of advance tax payments by some big corporate was higher indicating revival in the economy."The advance tax payment by corporate is robust which boosted the market sentiment," said Sanjay Bhambri of Hi-Tech Securities.

The small-cap and mid-cap shares gained more than one percent each, reflecting good buying from retail investors. All-round buying saw all sectoral indices closing with gains but realty, metal, banking and auto led the rally.Realty major DLF was the biggest gainer among the Sensex stocks at 5.20 percent, while auto major Hero Honda at 3.47 percent was the next best. However, Asian indices ended narrowly mixed after opening firm.

European markets also displayed a mixed trend in their afternoon trade. The 50-issue Nifty of the National Stock Exchange also recouped by 83.50 points or 1.74 percent to 4,892.10 from its last close.Among sensex-based share, DLF shot up by 5.20 percent, Hero Honda by 3.47 percent, Sterlite Ind by 3.34 percent, Hindalco by 3.30 percent, Jaipra Ass by 2.92 percent, REL Com by 2.80 percent, SBI by 2.71 percent, REL Infra by 2.65 percent, Tata Steel by 2.54 percent, HDFC by 2.12 percent, ICICI Bank by 2.03 percent and RIL by 1.55 percent.

Total market breadth remained positive as 1,801 counters finished with gains against 994 that ended with losses on the BSE.The trading volume was relative up at Rs 5,494.39 crore from Rs 5,125.14 crore on Monday. Jindal Steel was the most active share with the highest turnover of Rs 187.85 crore.

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