The Hindu : Business : Sensex recovers 346 points

Online edition of India's National Newspaper
Friday, Feb 16, 2007
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Business

Business

Sensex recovers 346 points

MUMBAI: Shrugging off the rising inflation data, bulls made a smart comeback on Thursday tracking firm global markets as the Sensex recovered sharply by 346 points on all-round buying, snapping a four-session downward correction.

Dealers also attributed the recovery to short-coverings by operators on the last trading of the week as stock markets will remain closed tomorrow for ``Mahashivratri''.

Wednesday's battered banking stocks were back in action and ended with smart gains. After resuming sharply higher at 14107.09 points, the 30-share sensitive index spiralled upward to close at 14355.55 points, a smart upsurge of 345.65 points, the highest gain in last one-month, or 2.47 per cent over the Wednesday's close of 14009.90 points.

On the National Stock Exchange, the S&P CNX Nifty rallied by 99.10 points or 2.45 per cent to 4146.20 from 4047.10 points.

Led by the country's second largest software exporter, IT counters stole the show, diminishing concerns over further rise in the U.S. interest rates, which boosted the prospects for software export earnings of Indian company.

Petrochem giant and among the top heavyweight, Reliance Industries, was the bright spot for the third day in a row, adding to the Sensex gains. Auto shares were also in keen demand.

PTI

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