The Hindu : Business : Funds buying helps Sensex close above 18000-level

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Thursday, Mar 24, 2011
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Funds buying helps Sensex close above 18000-level

Warren Buffett's investment plans boost sentiment

MUMBAI: The Bombay Stock Exchange sensitive index, Sensex, regained the 18000-level after a week, closing 218 points up on Wednesday, led by blue chips and funds buying at lower levels across sectors like realty, banking and pharma amid stable markets globally.

Besides, marketmen said that sentiment turned positive after legendary investor Warren Buffett, on maiden visit to India, indicated big investments in the country's financial services and consumer goods sectors.

Also, government decision to lower taxes from the levels proposed in the Union Budget added to the positive mood. The 30-share BSE barometer initially showed some weakness but it rebound to settle at 18206.16, a net rise of 217.86 points or 1.21 per cent. The NSE 50-share Nifty also shot up further by 66.40 points or 1.23 per cent to 5480.25.

Realty stocks were at the forefront on bargain-hunting at lower levels on expectations of robust property demand in the first-half of 2011.

Rupee gains 10 paise

The rupee on Wednesday gained 10 paise to close at over two-and-a-half month high of 44.85/86 against the U.S. currency.It closed at 44.96/9650 on Tuesday.

Relentless dollar selling by exporters and some banks also helped the rupee rise.

The rupee opened weak at 45.02/03 from Tuesday's close of 44.96/9650 due to initial fall in the stocks. However, smart rebound in equities coupled with dollar selling by exporters and some banks boosted the rupee sentiment and it rose to a high of 44.83 before concluding at 44.85/86. — PTI

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