The Hindu : Business : Sensex jumps 73 points

Online edition of India's National Newspaper
Thursday, May 05, 2005

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Sensex jumps 73 points

MUMBAI: The Sensex on Wednesday extended its rising trend to the third straight day and rose by another 72.78 points to close at 6289.55 due to all-round heavy buying activity on the Bombay Stock Exchange.

The BSE 30-share sensitive index opened marginally better at 6218.95 against yesterday's close of 6216.77 and continued to rise sharply on increased buying and after touching a high of 6295.14, settled at 6289.55, showing a smart rise of 1.17 per cent over the previous close. The broad-based BSE-100 index flared up by 40.56 points to 3385.99.

Firm Asian advices after the U.S. Federal Reserve raised key interest rate by a quarter percentage point to three per cent also aided the smart rise in prices, a broker said.

However, the rise in the U.S. rates was ignored by the local marketmen as the hike of 0.25 per cent was anticipated and was already factored in, another broker said.

World crude oil prices fell below the $49.50 per barrel level also partly cheered up the market sentiment and as a result some of the refinery counters attracted renewed buying. Small-cap shares remained in the limelight on heavy buying by operators and retail investors. Metal, banking and pharma shares also firmed up smartly on good support and the BSE-Metal rallied by 81.28 points to 5597.95, Bankex by 48.68 points to 3589.17 and the BSE-HC index by 44.61 points to 2477.18. — PTI

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