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Indian shares gain 2.22% as global markets recover

Indian shares gain 2.22% as global markets recover
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First Published: Fri, Mar 28 2008. 05 15 PM IST
Updated: Fri, Mar 28 2008. 05 15 PM IST
Closing
Mumbai: Indian share prices rose 2.22% on Friday, as global markets recovered amid hopes that the impact of a US economic slowdown on Asia were exaggerated, dealers said.
They said a rise in inflation, now at a 13-month peak of 6.68%, failed to dampen sentiment as buying spread across index, mid and small-cap stocks.
The 30-share benchmark Mumbai stock exchange Sensex index rose 355.73 points to 16,371.29. Gainers led losers 2,333 to 670 on volume of Rs63.68 billion ($1.58 billion).
India’s leading vehicle maker Tata Motors fell for a second day after it said it was buying British luxury icons Jaguar and Land Rover from ailing US carmaker Ford for $2.3 billion.
Analysts have expressed concern that Tata Motors may be taking on too much debt and have trouble turning around the two prestige marques. The company’s shares dropped Rs9.25 or 1.41% to Rs645.95.
“Global trends boosted sentiment in late trade, despite the inflation data. The US markets will have to be watched for future moves,” said Bhaskar Kapadia, partner at brokerage Pyramid Securities.
The rupee was flat against the dollar at 40.1 while it fell against the euro to 63.31 from 63.41.
The world’s sixth largest steelmaker Tata Steel rose Rs61.95 or 9.46% to Rs716.75 while engineering multinational Larsen and Toubro rose Rs183.55 or 6.19% to Rs3,147.2.
India’s second largest software exporter Infosys rose Rs85.55 or 5.94% to Rs1,526.
Opening
Mumbai: The Bombay Stock Exchange benchmark Sensex gained 152 points in early trade today on fresh buying by funds.
The 30-share index, which lost 71 points on Thursday, bounced back and gained 152.39 points to 16,167.95 in the first five minutes of trade.
The wide-base National Stock Exchange Index, Nifty, also rose by 58.60 points to 4,888.85.
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First Published: Fri, Mar 28 2008. 05 15 PM IST
More Topics: Stocks | Open | NSE | BSE | Nifty |