Sensex takes biggest leap of year, crosses 12,000 level

Mumbai, May 4: The Bombay Stock Exchange bellwether Sensex today took the biggest leap of the year to close past 12,000 level for the first time since last October as bulls went on a rampage amid a host of favourable developments.
Strong global cues and sustained capital inflows into equity and a strong build-up of derivatives positions bolstered market sentiment.

The BSE barometer surged by a whopping 731.50 points or 6.41 per cent, the biggest single-day gain in the 2009, to settle the day at 12,134.75 over its previous close.

Similarly, the broader 50-share Nifty of the National Stock Exchange soared by 180.05 points or 5.18 per cent to close at 3,654.00 from its last close.

Ashika Stock Brokers Research Head Paras Bothra said: "The market was trying to catch up with the gains of the global markets as it opened after four days. The Asian markets were strong and brought in some short covering and momentum gain in the Indian markets. Tomorrow the momentum would remain strong provided the US market remains strong." SMC Global Vice-President Rajesh Jain said, "What we witnessed today is more of a technical rally. The markets are now indicating that probably the worst is over. Now it should see some consolidation. Smart players will try to take profit they have earned since in the past eight-week rally, before the election results are out." PTI