Mumbai: The Bombay Stock Exchange benchmark Sensex Wednesday snapped its three-day long falling spree by closing higher by nearly 124 points on buying support in heavyweight stocks, particularly bank shares.
The 30-share Sensex ended the day at 15,750.40, up by by 123.78 points from its previous close.
The key index touched a high of 16,236.70 and a low of 15,719.47 points.
The wide-based National Stock Exchange index Nifty also rose by 14.65 points at 4,754.20. It rose to a high of 4,916.75 and dip to 4,741.40 points during the day.
Banking index gained the most by 179.01 points at 7,822.56. Bank stocks, led by State Bank of India and ICICI Bank, rose smartly on speculation that global financial companies might be able to overcome further credit losses.
IT index was the second best performer by gaining 103.76 points at 3,644.35, followed by auto index by 69.92 points at 4539.52. Tech index rose by 61.45 points at 3078.22 points and realty index by 34.69 points at 7501.17.
Late Morning Update
Mumbai: The Bombay Stock Exchange benchmark Sensex gained a hefty 488 points in morning trade today on strong global cues.
The 30-share index, Sensex, opened sharply up at 16,023.30 and rallied smartly to 16,114.99 at 1030 hrs, a rise of 488.37 points over its previous close of 15,626.62.
The Sensex touched a high of 16,236.70 in the initial 30 minutes of trading.
Marketmen said, global markets led by American stocks bounced back, shrugging off the on-going turmoil in the US housing market, a credit crunch and continued worries about a recession in the world’s largest economy.
The broader 50-share S&P CNX Nifty of the National Stock Exchange also spurted by 131.30 points to 4,870.85 at 1030 hrs from its last close of 4,739.55.
Meanwhile, the government initiated further steps to tackle rising inflation and is likely to ask steel producers to lower prices by about 10-20% within a month.
Capital goods shares which came under heavy selling in the last session, rebounded on aggressive buying support at the initial stages of the session.
Marketmen said shares from all the sectors attracted good buying interest at the prevailing price levels.
Mumbai: The Bombay Stock Exchange benchmark Sensex gained 610 points in early trade Wednesday on emergence of buying by foreign and domestic funds in heavy-weight stocks.
The 30-share index, which remained on downward march since last four trading session, spurted by 610.08 points to 16,236.70 in the first five minutes of trade.
Similarly, the wide-based National Stock Exchange’s index, Nifty, shot up by 177.20 points to 4,916.75 as fundamentally strong shares led by Reliance group gained substantial grounds.
Marketmen said the trading sentiments turned bullish following reports of a firming trend in global stock markets.
Hong Kong share prices opened sharply higher today, up 4.3% following a major rally on the Wall Street.