The Hindu : Business : Sensex retraces 10000-mark

Online edition of India's National Newspaper
Tuesday, Oct 21, 2008
ePaper | Mobile/PDA Version

Business

Business

Sensex retraces 10000-mark

MUMBAI: Snapping its three-day losing spree, the Bombay Stock Exchange sensitive index (Sensex) regained the 10000-mark on Monday on buying support in IT and banking stocks, though a cut in short-term lending rate by the Reserve Bank of India did not exactly trigger a selling spree as was widely expected.

After breaching the crucial 10,000-mark at the opening, the Sensex settled at 10223.09, a rise of 247.74 points, or 2.48 per cent against 9975.35 last Friday.

The selling pressure in the last three days saw Sensex losing a hefty 1508 points, or 13 per cent, and plunged to below the 10000-level on Friday. The 50-share Nifty of the National Stock Exchange also gained 48.45 points or 1.58 per cent to close at 3122.80. Marketmen attributed the early rise to firm trends in Asian and European bourses.

The Sensex touched a high of 10538.05 but dropped to a low of 10023.28 soon after the announcement about RBI’s rate cut. Brokers said hectic buying by domestic institutional investors was alternated by profit selling.

Elsewhere, Asian indices ended up by about 2-5 per cent while European markets were up by about 2 per cent in morning trading.

U.S. stocks rally

U.S. stocks rallied on Monday on signs of easing credit and after Federal Reserve chief Ben Bernanke threw his support behind another stimulus package to kick-start the economy. The Dow Jones Industrial Average leapt 127.04 points (1.44 per cent) to 8979.26 in early trading. The Nasdaq composite index edged up by 3.51 points to 1714.80 and the Standard & Poor’s 500 index climbed 12.80 points (1.36 per cent) to 953.35. — Agencies

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

Business

News Update

Stories in this Section