The Hindu : Business : Sensex gains 225 points

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Thursday, May 15, 2008
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Sensex gains 225 points

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Wednesday gained 225 points on the back of rally in Infosys, TCS and Tata Steel.

Metal stocks rallied sharply on overnight firm advices from London Metal Exchange, while IT shares attracted good buying support following sustained weakness in the rupee.

The 30-share Sensex initially touched low of 16626.35 on some weakness in Asian markets this morning. But, firm opening in European markets led the recovery and it regained the 17000 mark to touch high of 17014.94 before ending the day at 16978.35, a rise of 225.49 points over previous close of 16752.86.

On Tuesday, the index was down by over 108 points.

Metal index up

The metal index gained the most by 687.30 points followed by IT index (162.22 points). Among major gainers were TCS, which flared up by 7.09 per cent, Infosys (4.53 per cent) and Tata Steel (4.12 per cent).

The S&P CNX Nifty of the National Stock Exchange also recouped by 53.95 points to finish at 5011.75.

Market players were still concerned over the steep slowdown in industrial output and rising inflation as the global crude oil prices remained near $126 a barrel after striking a new peak of $ 126.98 a barrel in New York on Tuesday. — PTI

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