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Markets rebound to gain 1% on firm world stocks

Markets rebound to gain 1% on firm world stocks
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First Published: Wed, Jan 12 2011. 01 34 PM IST
Updated: Wed, Jan 12 2011. 01 34 PM IST
Mumbai/Bangalore: Markets shrugged off weak factory data and rose more than 1% on Wednesday afternoon, supported by firm world equities and rebounding from a six-session decline.
At 1:36pm, the 30-share BSE index was up 1.02% at 19,392.70 points. The 50-share NSE index was up 1.1% at 5,817.10 points.
Late morning the BSE benchmark Sensex had erased initial gains to trade lower by 139 points, as investor indulged in booking profits on reports of slowing industrial production.
The Bombay Stock Exchange fell by 139.95 to 19,056.39 at 11:30am, after rising to 19,379.55 in the opening trade.
Similarly, the broad-based index, National Stock Exchange or Nifty lost 38.75 points to 5,715.35. It opened higher at 5,815.75.
Market sentiment turned weak after reports of Index of Industrial Production (IIP) declining to 2.7% in November 2010, compared to 11.3% in the same month a year-ago, traders said.
They said a mixed pattern of trade in the Asian region further influenced the market sentiment.
Shares rose 0.8% early on opening after they lost more than 6% in the past six trading sessions, tracking stronger Asian markets.
Tata Steel was trading 1.5% lower after the world’s No. 7 steelmaker said it expects operating results for the December quarter to decline compared with the preceding quarter, hurt by rising raw material prices and weak demand.
At 9:19 am, the 30-share BSE index was up 0.7% at 19,331.63 points, with 21 components advancing. The 50-share NSE index was up 0.7% at 5,796.05 points.
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First Published: Wed, Jan 12 2011. 01 34 PM IST
More Topics: Markets | Stock market | Tata | BSE | Sensex |