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Markets look up, Sensex end higher by 414 points

Markets look up, Sensex end higher by 414 points
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First Published: Mon, Apr 07 2008. 05 40 PM IST
Updated: Mon, Apr 07 2008. 05 40 PM IST
Mumbai: The Bombay Stock Exchange benchmark Sensex on Monday surged by 414 points on heavy buying support in fundamentally strong shares in a wide array of sectors such as metal, bank, oil and gas and IT sectors.
The 30-share Sensex, which lost 490 points on Friday, recovered 413.96 points at 15,757.08 as the index-heaviest Reliance Industries and Infosys Technologies, besides Tata Steel notched up significant gains.
The key-index rose to a high of 15,851.88 points and dipped to a low of 15,321.56 points during the day.
The National Stock Exchange index Nifty shot up by 114.20 points at 4,761.20, after touching the day’s high of 4,798.55 and a low of 4,628.80 points.
Metal index gained the most by rising 371.21 points at 13,811.56 followed by bank index by 314.13 points at 7,904.09.
Oil and gas index shot up by 267.48 at 10,550.12 as the sector leader and heaviest on the Sensex Reliance Industries shot up by Rs83.50 at Rs 2,405.70.
Realty sector rose by 136.60 points at 7,483.56, consumer durable index by 135.58 points at 12,755.93 and capital goods index by 96.23 points at 3,913.88.
Information Technology segment stocks rose by 61.17 points at 3,748.57 on reports that the Prime Minister’s Office directed the Finance Ministry to extend by 10 years the tax sops which are set to end in March 2009.
Tracking buoyant global cues, the Bombay Stock Exchange benchmark Sensex recovered by 311 in early trade amid concerns over high inflation and fears of stringent monetary measures by the central bank.
Market players said investors seem apprehensive that any hike in the Cash Reserve Ratio (CRR) by Reserve Bank to calm inflation would have adverse impact on the market.
The BSE 30-share index opened on a promising note and surged to 15,534.82 at 1030 hours, 191.70 points higher from its previous close of 15,343.12.
The broader 50-share S&P CNX Nifty of the National Stock Exchange gained 53.45 points to 4,700.45 at 1030 hours from its last close of 4,647.00.
Meanwhile, weak US job data released on Friday indicated further weakness in the economy. The US employers cut a surprisingly large 80,000 jobs in March, the biggest decline in employment in five years.
The market is only driven by global trend and European markets, which will open at midday, are expected to influence the market trend, they added.
The Bombay Stock Exchange benchmark Sensex surged over 123 points on emergence of buying by funds at existing lower levels.
The 30-share index, which has lost over 400 points in Friday’s trade, regained 123.48 point at 15,466.60 in first five minutes of trade.
Similarly, the wide-based National Stock Exchange’s Nifty rose by 47.35 points at 4,694.35 as heavy-weight stocks like Reliance Industries, Infosys and State Bank of India rose smartly.
Marketmen reported snap-up of buying activities due to a firming global trade.
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First Published: Mon, Apr 07 2008. 05 40 PM IST
More Topics: Sensex | BSE | Shares | Stocks | Nifty |