Sensex up 88 pts; Bharti Airtel, ONGC surge

The BSE benchmark Sensex today closed over 88 points higher, led by bluechips Bharti Airtel and ONGC as foreign funds resumed buying following a firm trend in global markets.
In a highly volatile trade, the 30-share index resumed the day higher at 18,613.84 but tumbled down in intra-day but again gained and settled 88.26 points, or 0.48 per cent higher at 18,629.15. Sensex had slumped to an over two-month low of 18,540.89 yesterday.
Similarly, the wide-based National Stock Exchange index Nifty rose by 18.85 points, or 0.34 per cent, to close at 5,609.10. Also, SX40 index, the flagship index of MCX-SX, closed 84.79 points, or 0.77 per cent higher at 11,097.94.

Brokers said the recent fall in share prices attracted valued buying in some fundamentally stong stocks. Also, a better trend in overseas markets further influenced the uptrend, they added.
The Asian market firmed up and European stocks opened higher as the People's Bank of China allayed concern over a cash crunch and investors awaited US home sale data.
Out of the 30 BSE index components, 16 shares rose led by Bharti Airtel, ONGC and Mahindra & Mahindra gaining 4.34 per cent, 3.80 per cent and 3.18 per cent, respectively.
Sectorally, the oil and gas sector rose by 1.53 per cent to 8,222.62 followed by capital goods sector settled 0.68 per cent higher at 8,772.03.