Sensex keeps up the rising tempo

The Bombay Stock Exchange benchmark Sensex today surged by nearly 148 points as corporate results bettered market expectations and raised optimism about the outlook for company earnings.

The Sensex, which had gained 388 points in the previous session, shot up further by 147.92 points at 15,378.96, a level last seen on June 11. The key index touched the day's high of 15,418.61 and a low of 15,168.52 with trading sentiment remaining volatile.

The 50-share National Stock Exchange index Nifty shot up by 44.80 at 4,568.55, after moving between 4,578.75 and 4,504.85 points during the day.

The upsurge was maintained by Maruti Suzuki, which raced to an all-time high a day after the leading carmaker reported a 25 per cent jump in quarterly profit on higher sales and lower raw material costs.
    
Twelve of the 30 Sensex companies have reported results so far, with 10 beating analysts’ expectations.
    
Among the 30 Sensex stocks, 23 shares led by Maruti Suzuki and Tata Motors ended higher.
    
The auto sector index gained the most, by 5.14 per cent, to 5,545.30 after the biggest carmaker Maruti Suzuki surged for a second day on expectations of higher exports and demand for its new hatchbacks. The maker of half the cars sold in the country rose 6.35 per cent to Rs 1,377.85, the highest since its listing in July 2003.

Tata Motors, the biggest truckmaker and manufacturer of the world’s smallest car, the Nano, rose 9.72 per cent to Rs 373.50.

The Sensex has risen 59 per cent this year, the sixth-best performer among 89 global benchmark measures.
    
Marketmen said trading was largely influenced by world markets and the markets resumed firm on the back of encouraging Asian cues but later touched the intra-day low of 15,168.52 after European markets opened weak at around noon.
    
They said investors continued to make fresh commitments mainly because of significant growth in companies' net profits shown in their quarterly results.

Sustained support by foreign funds also aided market sentiment. FIIs bought shares worth Rs 511.94 crore on Thursday.

The market major and trend-setter Reliance Industries Ltd fell 1.20 per cent to Rs 2,013.75, ahead of its results. However, Infosys Technologies, with the largest weight in the Sensex after RIL, rose 2.22 per cent to Rs 2,003.35. The two carry nearly 23 per cent weight on the Sensex.

The realty sector index was the second-best performer, gaining 4.26 per cent to 3,790.65.
   
A gauge of six metals on the London Metals Exchange rose for a ninth day yesterday, the longest winning streak since December 2005.