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Markets steady, Sensex surges over 418 points

Markets steady, Sensex surges over 418 points
PTI
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First Published: Mon, Feb 04 2008. 04 18 PM IST
Updated: Mon, Feb 04 2008. 04 18 PM IST
Closing
Mumbai: The markets maintained its rally for the second straight session today, with the benchmark Sensex surging by over 417 points on heavy buying in fundamentally strong stocks following positive global cues.
The 30-share Bombay Stock Exchange Sensex, which had surged over 594 points on Friday, added another 417.74 points today at 18,660.32.
The index touched the day’s high of 18,895.34 and a low of 18,439.33 points.
The 50-share National Stock Exchange index Nifty shot up by 146.25 points to 5,463.50. It touched the day’s high of 5,545.20 and a low of 5,315.55 points.
Realty, metals, capital goods, refinery and banking segment stocks witnessed major buying support.
Trading sentiment turned bullish following a rise in global stock markets after reports of a rise US manufacturing last month. The increase manufacturing eased the concerns of world’s biggest economy falling into a recession.
Realty stocks gained the most as the segment index rose by 644.13 points at 10,513.46, followed by metal index by 528.03 points at 16,438.19. Capital goods index rose by 362.90 at 16,797.31 and PSU index by 281.39 points at 8,658.29.
Oil and gas index rose by 270.51 points at 11,293.36, banking index by 220.64 points at 11,110.91, teck index by 153.23 points at 3573.55, Information Technology index by 163.34 points at 4,097.61 and auto index by 102.83 points at 5107.70.
Afternoon
Mumbai: Sensex maintained its rally for the second straight session today, as it surged over 600 points on heavy buying in fundamentally strong stocks.
The Sensex, which had surged over 594 points on Friday, spurted by 606.37 points to 18,848.87 at 1230 hours following brisk buying in heavy-weight stocks like Reliance Industries and ICICI Bank.
The second wide-based National Stock Exchange index Nifty shot up by 217.10 points to 5,534.35 with most of the index heavyweights notching up significant ground.
Trading sentiment turned bullish following a rise in global stock markets after US manufacturing increased last month, easing concern world’s biggest economy will fall into a recession.
The Institute for Supply Management’s manufacturing index rose to 50.7 in January from 48.4 in the previous month.
Reliance, which run’s the world’s third biggest refinery, gained Rs85.35 to Rs2,627. ICICI, country’s second-largest lender, climbed Rs34.20 to Rs1,231.95. The two stocks account for about a quarter of the Sensex’s weight.
Morning
Mumbai: Sensex surged by 549.06 points to 18,791.64 in initial trading today as investors bought shares in bluechips like RIL and Infosys, encouraged by firm global markets.
The wide-based National Stock Exchange’s Nifty rose 150.40 points to 5,467.65.
Sensex had closed at 18,242.58 on Friday, while Nifty was at 5,317.25.
Marketmen said that trading sentiments turned bullish following an upward march in global stock markets. They said Hong Kong market opened 3.2% up today as lower interest rates and Wall Street’s gains boosted investors’ sentiment.
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First Published: Mon, Feb 04 2008. 04 18 PM IST
More Topics: Stocks | Shares | Sensex | Nifty | Market |