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PM remarks, inflation lift markets, Sensex at 18k level

PM remarks, inflation lift markets, Sensex at 18k level
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First Published: Fri, Feb 15 2008. 06 07 PM IST
Updated: Fri, Feb 15 2008. 06 07 PM IST
Mumbai: The Bombay Stock Exchange benchmark Sensex regained the 18K-level on 15 February by gaining over 340 points on brisk buying by funds following reports of inflation rate cooling and Prime Minister soothing comments on limiting the the impact any global slowdown on India.
The 30-share Sensex, which opened lower by 331 points, recovered sharply and not only wiped off the early losses but closed the day higher by 348.62 points at 18,115.25.
The key index touched the day’s high of 18,142.92 and a low of 17,445.05 points.
The Sensex had regained the 18k level in six trading sessions. It had touched the this level last on 7 February. The barometer had dropped 4.3% the previous week.
The 50-stock National Stock Exchange index Nifty also rose by 100.90 points at 5,302.90, after touching the high of 5315.40 and a low of 5104.75.
Marketmen said buying activity picked up on reports inflation rate has declined to 4.07% for the week ended 2 February against 4.11% in the previous week, mainly due to a fall in prices of some food items, jet fuel and select manufactured goods.
Major support to the market came from metal, realty, energy and banking stocks.
The metal index shot up 545.27 points at 16,167.16, followed by realty index (353.72 points, 10,497.27). Oil and gas index rose 336.73 points at 11,269.09 and bank index by 270.33 points at 10,884.42.
Morning update
Mumbai: The Bombay Stock Exchange Sensex recouped early losses but was still in the red in late morning trade, amid continued short-covering in derivatives.
Global markets turned negative due to continued unfolding of subprime mortgage crisis.
Swiss banking giant and Europe’s worst-hit bank by the US subprime mortgage crisis, UBS AG, offered a bleak outlook for 2008 as it confirmed more than $18 billion write-downs.
Concerns about the US economy and the widening impact of credit crunch took a toll on Wall Street yesterday after Federal Reserve chairman Ben Bernanke said the economy will continue to grow, although at a slower pace than in recent years.
The Sensex was quoted at 17,639.06 at around 11.45am, down 127.57 points from the previous close of 17,766.63. It touched a low of 17,445.05 in early trade.
The National Stock Exchange’s S&P CNX Nifty slipped 23.95 points to 5,178.05 from last close of 5,202.
Mumbai: The Bombay Stock Exchange benchmark Sensex fell 322 points on 15 February in early trade on selling at the current higher levels.
The 30-share index, which gained 817 points the previous day, fell 321.58 points to 17,445.05 in the first five minutes of trading.
Similarly, wide-base Nifty of the National Stock Exchange lost 97.25 points to 5,104.25 as most of the heavy-weights remained lower.
Weakening global stock markets had a negative impact on the trading sentiment, marketmen said.
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First Published: Fri, Feb 15 2008. 06 07 PM IST