 Online edition of India's National Newspaper Saturday, May 29, 2010 ePaper | Mobile/PDA Version |
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MUMBAI: Stock markets rose for the third day in a row on Friday with the Bombay Stock Exchange benchmark index, Sensex, surging nearly 200 points on renewed buying amid strong global cues. The 30-share index of the BSE finished the day up by 196.66 points, or 1.18 per cent, at 16863.06, the best closing since May 18. Despite a highly volatile week, the Sensex recorded a net gain of 2.53 per cent during the period on the back a strong recovery in the past three days. In the past three sessions, the barometer had gained over 5 per cent. The wide-based 50-share Nifty index of the National Stock Exchange too climbed 1.27 per cent to end at 5066.55. “Though confidence in the market has not returned fully, positive cues from across the globe helped hectic buying here. ” Sarabjit Kour Nangra, Vice-President, Research, Angel Broking, said. Index heavyweight Reliance Industries rose by 1.17 per cent to Rs. 1,033.85, after the company said it had made fifth oil discovery in a block in Gujarat. FMCG major ITC climbed 2.53 per cent to Rs. 282.10. Smart recovery in rupee The rupee on Friday shot up by a steep 94 paise, or nearly 2 per cent, against the U.S. dollar on the back of a smart rally in equities and the U.S. currency weakening in overseas markets. It closed at 46.35/36 against 47.29/30 previously. The rupee on Friday resumed remarkably higher at 46.71/72 after a day's break on Thursday at the interbank foreign exchange market. It moved in a range of 46.78-46.30 before settling at 46.35/36, a steep rise of 1.99 per cent over its last close. — PTI
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