The Hindu : Business : Stocks stage a smart comeback

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Friday, Mar 09, 2007
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Business

Stocks stage a smart comeback

MUMBAI: The stock markets staged a strong comeback on Thursday with the benchmark Sensex recording its biggest rise in nine months on the back of sharp gains in heavyweight Reliance Industries and a host of PSU stocks.

RIL-IPCL merger plan and Prime Minister Manmohan Singh's statement that more PSU stocks would be listed turned out to be major triggers for the BSE Sensex, which rose a huge 470 points at 13049.35, in line with strong Asian cues.

This is the third biggest single session point-wise rise in the history of the Bombay Stock Exchange. It is also the highest since June 15, 2006 when the 30-share index had risen by 615 points.

The Bombay Stock Exchange sensitive index resumed with a wide gap at 12649.77 and gradually rose to the intra-day high of 13099.83 before closing at 13049.35, a net rise of 469.60 points or 3.73 per cent over the previous close of 12579.75.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) also advanced by 134.80 points or 3.72 per cent to 3761.65.

News that the boards of both RIL and its group company IPCL will meet on March 10 to consider merger provided the much-needed impetus to market sentiment.

RIL and IPCL shares rallied sharply in brisk activity and closed with gains of 3.5 per cent and 12 per cent, respectively. — PTI

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