Sensex up 526 pts, biggest gain in 2 months

Logging in the biggest gain in two months, the Bombay Stock Exchange (BSE) Sensex shot up 516 points Friday to close at 3-month high of 17,804.80 on the back of strong global markets after EU leaders agreed to a deal that will ease the euro-zone debt crisis.

The stock market rally pushed up the bellwether indices, Sensex and Nifty by a whopping 3 per cent, adding an estimated Rs 1.5 lakh crore to the investor wealth.

The BSE 30-share barometer commenced trading sharply higher and shot up over 600 points to a high of 17,908.13 before concluding at 17,804.80. It closed 515.97 points or 2.98 per cent up - biggest gain in absolute term after August 29, when it had spurted 567.50 or 3.58 per cent.

The NSE wide-based Nifty also flared up 158.90 points or 3.05 per cent to close at a fresh 3-month high of 5,360.70.

All the 13 sectoral indices closed with gains of between 6.34 per cent and 0.18 per cent with metal, realty, banking, capital goods and auto leading the rally.

From the Sensex pack, 27 of the 30 scrips finished with sharp to moderate gains while only Maruti Suzuki, Bharti Airtel and Bajaj Auto closed with losses.

Asian stocks made gains and closed with best weekly gains in a couple of years, after European leaders agreed on a plan to resolve the two-year long debt crisis, triggered by Greece.

Higher than expected US growth data also boosted sentiment.

"Indian markets had a huge gap-up opening post the announcement of EU plan and strong GDP numbers by the US growth and stand back on their feet," said Milan Bavishi, Head Research, Inventure Growth and Securities.