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Sensex recovers 164 points

MUMBAI: Sterlite Industries and Hindustan Zinc were in the forefront of getting investor response on the back of favourable global cues, helping the Bombay Stock Exchange benchmark index, Sensex, to recover sharply by over 164 points to close at 12116.94.

The BSE barometer moved between 12143.95 and 11981.13 before closing at 12116.94, a rise of 164.19 or 1.37 per cent from its previous close.

The 50-share Nifty of the National Stock Exchange rose by 58.85 points or 1.62 per cent to 3683.90.

Besides the FMCG segment, all other sectoral indices closed in the green with the metal counters taking the lead following firm trends on the London Metal Exchange (LME).

The metal sector index gained the most rising 8.22 per cent to 8155.058 as leading copper manufacturer Sterlite Industries was up 13.78 per cent at Rs. 517.45 and Hindustan Zinc 14.77 per cent at Rs. 606.

Reflecting the sharp rally in metal shares, the sectoral BSE-Metal index flared up by 619.71 points or 8.22 per cent to 7535.37.

Taurus Mutual Fund Managing Director R. K. Gupta said, “The markets today went up mainly on global cues as most of the Asian indices were up. Although markets worldwide have discounted the impact of the Stress Test, the results today would keep the stocks under pressure tomorrow”.

Asian indices closed higher on better-than-expected U.S. job reports and an assurance from the U.S. Treasury Secretary that none of the country’s biggest banks was insolvent.

The rupee recovered Wednesday’s losses and was up by 35 paise to close at a two-and-a-half month high of 49.26/27 against the dollar in line with a smart rebound in domestic equity markets amid sustained capital inflows. In active trading at the interbank foreign exchange market, the rupee resumed higher at 49.30/32 from its previous close of 49.61/62. It later moved in the range of 49.23-49.52 before closing at 49.26/27. — PTI

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