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Sensex bounces back

MUMBAI: The stock market showed resilience and the Bombay Stock Exchange sensitive index (Sensex) bounced by 149 points on Monday on emergence of buying support prompted by some stability in Asian stocks that were battered last week after the US subprime crisis spread to Europe.

The Sensex moved past the psychological 15000 level to a high of 15044.74 and ended at 15017.21, a gain of 148.96 points over Friday’s close of 14868.25 points.

The BSE barometer had fallen by 440 points in high volatility in the previous two sessions following the turmoil in global markets.

The broad-based S&P CNX Nifty of the National Stock Exchange recovered by 40.35 points to close at 4373.65 from previous close of 4333.35. The rally was largely powered by cement shares, which surged following a rise in cement dispatches in July. Auto and FMCG stocks were also in keen demand.

Asian stocks witnessed some stability after the biggest drop in five months as many central banks moved in to ease a credit crunch caused by losses on higher risk mortgages. Foreign institutional investors (FIIs) were believed to be covering short positions after their panic withdrawals last week. — PTI

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