Market recovers as capital goods, IT, PSU stocks surge

Market recovers as capital goods, IT, PSU stocks surge
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First Published: Thu, Mar 29 2007. 05 11 PM IST
Updated: Thu, Mar 29 2007. 05 11 PM IST
PTI
Mumbai: The benchmark BSE Sensex bounced back by 95 points on 29 March, on revival of buying by funds along with short-covering by speculators in heavy-weight stocks.
The Sensex, which had lost more than 400 points in last two trading sessions, ended in the green with a recovery of 95.32 points, or 0.74%, at 12,979.66. In intra-day trading, it regained the 13,000-mark to hit 13,004.40.
Similarly, the wide-based National Stock Exchange index Nifty spurted by 37 points, or 0.98%, to 3,798.10 after moving between 3,805.85 and 3,750.35 points.
Market observers said apart from revival of buying by funds, heavy-short covering in derivative (futures and option) segment due to expiry of the March contract also helped stocks to stage comeback.
With renewed interest in engineering stocks, BSE capital goods index gained 108.51 points, or 1.22 per cent at 9,000.14, while IT index rose by 43.23 points at 4,875.08.
Capital Goods segment major stocks such as Larsen and Toubro, Bhel, Reliance Infrastructure, Thermax, Lakshmi Machines, Bharat Bijlee and Crompton Greaves recorded notable to moderate gains, lifting the Sensex higher.
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First Published: Thu, Mar 29 2007. 05 11 PM IST
More Topics: Money Matters | Equities |