The Hindu : Business : Sensex regains 13000-mark

Online edition of India's National Newspaper
Friday, Mar 23, 2007
ePaper

Business

Business

Sensex regains 13000-mark

MUMBAI: Stock markets continued their upward rally for the fourth consecutive session on Thursday and the Sensex regained the 13000-mark with a massive 362 point jump as strong global cues triggered buying in frontline shares.

The index opened higher by 126 points at 13071.81 and later surged to 13326.24. The 30-share index later ended at 13308.03, a net rise of 2.8 per cent over Wednesday's close of 12945.88. The rally was driven by expectations of an upsurge in foreign institutional investment buying, positive impact of strong U.S. markets and a sharp recovery in banking stocks.

The U.S. as well as most Asian markets moved higher after the US Federal Reserve decided to keep interest rates unchanged, without indicating any further tightening measures in the near future. This unleashed a buying spree in world markets, brokers said.

The S&P CNX Nifty also flared up by 111.35 point or 2.96 per cent to 3875.90 from 3764.55. In Asian markets, Hang Seng jumped by 173.84 points and Japan's Nikkei by 256 points.

FIIs reportedly covered a large chunk of their short positions in derivatives during the day after their heavy inflows of Rs. 2,481 crore in the first three days of the week. They also reported net purchases in the cash segment on Tuesday and Wednesday. Reliance Industries stole the limelight and scored a 2.55 per cent rise at close.

The market breadth turned sharply positive and 1,660 stocks registered gains while 931 closed with losses. The trading volume on BSE improved remarkably to Rs. 3,571.80 crore from Rs. 2,729.96 crore on Wednesday. — PTI

Printer friendly page
Send this article to Friends by E-Mail

Business

News Update

Stories in this Section