The Hindu : Business : Sensex recoups 346 points on global surge

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Friday, Jul 21, 2006

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Business

Sensex recoups 346 points on global surge

MUMBAI: Absorbing corporate behemoth RIL's announcement of lower than expected results, the stock market on Thursday put up a spectacular show, rising by a steep 346 points on the back of a strong surge in global markets.

RIL too were one of the prominent gainers even though the company's first quarter results, fell short of market expectations.

Snapping the five-day losing streak in which it lost 923 points or 8.44 per cent, the Bombay Stock Exchange benchmark 30-share sensitive index (Sensex) recouped 345.60 points. It opened firm at 10189.67 and gradually moved upwards to the intra-day high of 10409.58 before closing at 10352.94, a net rise of 345.60 points or 3.45 per cent over Wednesday's close.

On the National Stock Exchange, the S&P CNX Nifty recovered by 90.30 points or 3.08 per cent to 3023.05.

The primary trigger for the rise was a world-wide strong equity rally prompted by comments by the Federal Reserve that the interest-rate tightening cycle might be coming to an end.

Indices on Wall Street closed sharply up on Wednesday while Asian markets ruled strong during the day. In Asian markets, the Nikkei closed up 446.58 points, the Hang Seng by 375.08 points, the Singapore ST by 41.75 points and the Kospi by 39.65 points.

— PTI

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