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Markets buoyant, Sensex gains 203 points

Markets buoyant, Sensex gains 203 points
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First Published: Wed, Apr 09 2008. 05 06 PM IST
Updated: Wed, Apr 09 2008. 05 06 PM IST
Mumbai:The markets on Wednesday closed in positive terrain with the benchmark Sensex notching up a gain of 203 points on good buying activity, particularly in banking and metal sector shares.
The Bombay Stock Exchange 30-share index closed the day at 15,790.51, higher by 202.89 points, or 1.30% from its previous close.
The broader 50-share S&P CNX Nifty of the National Stock Exchange also improved by 37.40 points, or 0.79 per cent, to end at 4,747.05.
Traders said markets were buoyant on revival of FII inflows as well as value buying at current low levels.
The market saw some value buying following fairly good capital inflows of Rs 1,741 crore on April 4 and 7, market players said. “Foreign Institutional Investors (FIIs) and retailers entered into fresh commitments during the day.”
Buying support was spread across sectors. The mid-cap and small-cap stocks attracted keen demand, holding the market breadth strong on the BSE.
Global cues, particularly subdued trend in Asian and European markets, exerted some pressure on bourses in the first half of the trading session but it was melted later in buying support.
In a reversal of trend, capital goods shares, which bore severe beatings earlier last week, surged smartly on hopes of steps to provide a boost to the sector after its disappointing growth rate in January this year.
Investors seemed still apprehensive about fourth quarter corporate earnings in the light of a new accounting norm, under which companies may disclose/provide for losses in foreign exchange derivatives products, brokers said.
Infosys Tech will come out with its Q4 financial results on April 15, unveiling the earning season.
The markets bounced from their early lows and the benchmark Sensex was quoted 83 points up at 1030 hrs on Wednesday as buying emerged from investors amid weak global cues and apprehensions about the fourth quarter results due next week.
Foreign Institutional Investors (FIIS) and domestic players reportedly were creating fresh positions in equity at the prevailing lower levels, market players said.
Touching a low of 15,464.72, the Bombay Stock Exchange 30-index recovered smartly and was quoted at 15,670.24 at 1030 hrs, a rise of 82.62 points over its previous close of 15,587.62.
The broader 50-share S&P CNX Nifty of the National Stock Exchange also was up 15.10 points at 4,724.75 at 1030 hrs from its last close of 4,709.65.
FIIs and operators seem taking fresh positions ahead of the announcement of fourth quarter results, which could be a major trigger for the market, they added.
Asian indices, however, were substantially down in early trade.
The Bombay Stock Exchange benchmark Sensex lost 127 points in early trade on Wednesday on heavy selling by funds.
The 30-share index, which fell 169 points on Tuesday, lost another 126.90 points to 15,464.72 in the first five minutes of trade.
Similarly, the wide-base National Stock Exchange’s index, Nifty, lost 16.50 points to 4,667.50 as heavy-weight stocks like Reliance Industries and Grasim Industries fell sharply.
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First Published: Wed, Apr 09 2008. 05 06 PM IST
More Topics: Sensex | BSE | Nifty | Stocks | Shares |