The Hindu : Business : Sensex tops 14000 mark

Online edition of India's National Newspaper
Wednesday, Apr 25, 2007
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Business

Sensex tops 14000 mark

Bank shares attract hectic buying and score hefty gains

MUMBAI: The Reserve Bank of India's decision to keep all key rates unchanged sparked off a strong 208-point rally on the stock market, which ended past the psychologically important 14000 mark for the first time on Tuesday after February 22.

Resuming weak at 13893.72, the Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex) later surged strongly to the intra-day high of 14197.32 before ending the day at 14136.72, a net rise of 208.39 points or 1.5 per cent over Monday's close of 13928.33.

The broader S&P CNX Nifty of the National Stock Exchange gained 56.70 points or 1.39 per cent to close at 4141.80 from the previous close of 4085.10.

Bank shares attracted hectic buying interest and closed with hefty gains. As a result, the Bankex jumped by a whopping 279.56 point or 4.06 per cent rise to end at 7161.40.

IT companies which have large export revenue, however, remained subdued. Activity was more pronounced in interest rate sensitive sectors, they added.

Meanwhile, Asian markets witnessed mixed pattern of trading during the day.

Rupee gains 50 paise

In an unprecedented jump, the rupee climbed on Tuesday by 50 paise to a more than nine-year high of 41.1750/1850 against the U.S. currency following heavy dollar selling.

Contrary to market expectations, the RBI did not tighten norms for external commercial borrowings but decided to allow prepayment of ECBs up to $400 million and prescribed a lower interest rate ceiling on foreign currency deposits.

In extremely volatile trade at the interbank foreign exchange market, the local currency fluctuated in a wide range of 41.70 and 41.05 after resuming stronger at 41.60/62 a dollar. — PTI

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