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Sensex 1% up as global markets recover

Sensex 1% up as global markets recover
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First Published: Mon, Aug 13 2007. 04 43 PM IST
Updated: Mon, Aug 13 2007. 04 43 PM IST
Mumbai: Share prices rose 1% on 13 August as sentiment across global markets improved after central banks pumped cash into the banking system to ease fears of a US credit crunch, dealers said.
They said buying was seen in automobile, metal and banking stocks.
The benchmark 30-share Sensex closed up 148.96 points to 15,017.21, after slipping 231.9 points last Friday.
At Monday’s close, the Sensex has fallen 5.36% from its intraday record of 15,868.85 on 24 July as concerns remained about the troubled US mortgage sector.
“The markets recovered as Asian and European stocks rose. We however expect global volatility to continue in coming days,” said a dealer with brokerage Prabhudas Lilladher.
The wide-based Nifty ended 40.30 points higher at 4,373.65 after touching the day’s high of 4,383.80 and a low of 4,324.65 points.
Mid Day
Mumbai: The Sensex continued to remain above the 15,000-mark in mid-day trade as the overall market breadth turned positive and gainers outnumbered losers in the ratio of 7.3 to 1 on the Nifty. Buying was witnessed across the board with auto, engineering and telecom stocks were leading the pack of gainers. Select software and energy stocks were out of favour.
The BSE Sensex was trading at 15,001, up 132.54 points while the NSE Nifty is trading at 4,369 points, up 35.60.
Shipping stocks are currently trading mixed with Mercator Lines (up 11%), Varun Shipping (up 3%) and Dredging Corporation (up 2%) leading the pack of gainers, while Bharati Shipyard and GE Shipping are out of favour (each down 1%).
Construction stocks are trading mixed with Pratibha Industries (up 5%) and HCC (up 3%) featuring among the major gainers, while IVRCL and Gammon are trading marginally lower.
The benchmark Sensex rose over 156 points in the morning trade today, after two sessions of big sell-off, on emergence of buying by funds due to attractive share prices.
Firming trends in other Asian markets also impacted the trading sentiments in the local stock markets positively.
The BSE-30 share index recovered by 156.96 points quote higher at 15,025.21. The index had tanked nearly 438 points in the past two trading sessions in line with the global meltdown on US subprime mortgage worries.
The wide-based National Stock Exchange’s Nifty was up by 41.45 points at 4,374.80.
Marketmen said markets rebounded on buying by funds in heavyweight stocks, which had gone down due to weak overseas trend.
Major support came in from stocks like Reliance Industries, Reliance Capital, Reliance Communications, ACC, Grasim Industries, Larsen and Toubro, ITC Ltd, ICICI Bank, HDFC Bank and State Bank of India.
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First Published: Mon, Aug 13 2007. 04 43 PM IST
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