Metal, realty, banking indices gain over 3% on firm global cues

NEW DELHI: The BSE Sensex rallied over 300 points on Tuesday led by sustained buying in metal, realty and banking shares amid positive global markets.

Key benchmark indices surged in early trade, helped by firm Asian markets. Asian stocks rose early as manufacturing growth from Australia, China and India added to optimism.

The Purchasing Managers’ Index in India rose to 54.2, the most in six months, from 51 in November. In China, the index was at 50.3 from 49 in November.

At 01:30 p.m., the Bombay Stock Exchange metal index was the largest gainer among sectoral indices, up nearly 400 points or 4.2% followed by banking, realty indices which were up 3.3% and 3.3% respectively.

Among individual stocks, JSW Steel, Jindal Steel surged more than 6% each, while Hindustan Zinc, NMDC, Sterlite Industries, Tata Steel, Coal India were trading higher by 2-5% at 01:30 p.m.

The Sensex was at 15831.13, up 310.21 points or 2 per cent. The 30-share index touched intraday low of 15640.56 and high of 15872.72.

BSE Realty index surged over 3% led by gains in Unitech, Ananat Raj Industries, Godrej Properties, Sobha Developers, DLF and DB Realty were up 2-4%.

BSE Banking index rose over 3% led by gains in Kotak Mahindra Bank (up 6%), Bank of India (up 5.6%), Canara Bank (up 4.8%), Bank of Baroda (up 5.6%), Yes Bank (up 3.3%), Axis Bank (up 3.4%), ICICI Bank (up 3.3%) and SBI (up 3.3%).