Sensex moves up as banks, refiners gain the most

Sensex moves up as banks, refiners gain the most
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First Published: Tue, Sep 18 2007. 05 14 PM IST
Updated: Tue, Sep 18 2007. 05 14 PM IST
Agencies
Closing
Mumbai: Shedding its initial hesitancy, the benchmark Sensex on 18 September surged by 165 points on the back of smart rally in banking and select blue-chip counters, amid a recovery in European markets.
Banking segment attracted good buying support on expectations of a rate cut by US Federal Reserve at its meeting late tonight, which might positively impact the local bourses, dealers said.
Moving in a range of 15,691.88 and 15,468.80, the Bombay Stock Exchange (BSE) 30-share barometer ended at 15,669.12, up by 164.69 points or 1.06% over the previous close of 15,504.43.
Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) recouped by 51.55 points or 1.15% to close at 4,546.20 from previous close of 4,494.65.
The market got a boost at midsession after a smart recovery in European markets at opening. However, Asian indices ended steady to weak.
Heavyweights like RIL, Grasim, Bharti Airtel, REL, NTPC, Tata Steel, ONGC, M&M and L&T also attracted good buying and finished with smart gains.
Small-cap and mid-cap counters remained in the limelight on buying by retail investors.
Foreign institutional investors (FIIs) continued their buying spree. After pumping in Rs1,715.40 crore last week, FIIs picked up shares worth Rs94.34 crore (provisional) on 17 September.
Brokers say all eyes are now set on the outcome of the US Federal Reserve meeting.
Morning
Mumbai: After a weak start, the market made a comeback of sorts with the benchmark Sensex erasing a near 36-point loss on the Bombay Stock Exchange to rebound and trade 28.07 points up at 15,532.50 at around 11:00am on 18 September.
The 30-share index, Sensex, which closed 99.37 points lower on 17 September, further lost 35.63 points to touch 15,468.80 in first five minutes of trade on sustained selling by funds before making the comeback.
Similarly, wide-based National Stock Exchange’s Nifty, was quoting 7.85 points up at 4,502.50 after falling 5.90 points 4,494.65.
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First Published: Tue, Sep 18 2007. 05 14 PM IST
More Topics: Stocks | BSE | Sensex | NSE | Nifty |