The Hindu : Business : Sensex recovers 282 points

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Wednesday, Mar 07, 2007
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Sensex recovers 282 points

MUMBAI: The stock market partially recovered on Tuesday after two consecutive falls as Asian markets showed signs of stability and the benchmark BSE Sensex rose 282 points, driven largely by a strong rally in IT sector.

IT shares attracted keen buying interest prompted by a sharp fall in the rupee value against dollar that could ensure substantial rise in bottomline of IT companies.

The turnaround in market sentiment was mainly attributed to firm Asian markets.

In choppy trade, the 30-share Sensex moved widely in a range of 12760.22 and 12427.13. It later ended at 12697.09, a net rise of 282.05 points, or 2.27 per cent, over Monday's close of 12415.04.

The Sensex had fallen by 745 points or 5.66 per cent in the preceding two sessions in line with the global carnage.

Similarly, the broader S&P CNX Nifty rebounded by 79.15 points, or 2.21 per cent, to close at 3655.65 from 3576.50.

The risk of margin calls has almost receded as foreign institutional investors emerged net buyers, brokers said, adding ``the inflows amounted to Rs. 325 crore in the cash on March 2''. — PTI

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