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Sensex surges 383 points on easing concerns of inflation

Sensex surges 383 points on easing concerns of inflation
PTI
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First Published: Tue, Aug 05 2008. 04 42 PM IST
Updated: Tue, Aug 05 2008. 04 42 PM IST
Mumbai: The Bombay Stock Exchange benchmark advanced 383.20 points, or 2.63%, on 5 August, on brisk buying by funds in heavy-weight stocks led by bank and realty sectors as concerns about inflation eased and crude oil dipped to a 3-month low.
The 30-share Sensex, which commenced the day lower, closed at 14,961.07, after touching the day’s high of 14,986.63 and a low of 14,529.21 points.
Similarly, the wide-based National Stock Exchange index Nifty surged by 107.50 points, or 2.45%, at 4,502.85. It touched the day’s high of 4,515.15 and a low of 4,376.00.
Buying activity picked up following reports of crude easing to touch a 3-month low of $118 a barrel, which reduced inflation concerns.
The rally was led by banking stocks due to rise in bond prices and expectations that the US Federal Reserve might keep interest rates untouched in today’s meeting, brokers said.
Banking index gained the most—450.37 points—to touch 7,217.98 as heavy-weights HDFC Bank, ICICI Bank and State Bank of India recorded handsome gains. All 17 banking stocks were in positive mode.
Realty index was second best performer by gaining 343.95 points at 5,575.07 as shares of DLF Ltd., Unitech, Indiabulls Real Estate and Parsvanath notched up fresh ground.
Capital goods, a sector of heavy-machinery company shares, rose by 250.81 points to 12,279.77 points supported by Larsen and Toubro, BHEL and Laxmi Machine Works.
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First Published: Tue, Aug 05 2008. 04 42 PM IST
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