New Delhi: The Bombay Stock Exchange benchmark Sensex made a turnaround in the final hours to close the session above the psychological 15,000 level, its first time since 2 September,2008. Investor sentiments were boosted after UPA unveiled their agenda to focus on revival of economic growth.
Fall in inflation to 0.48% for week ended 13 May from the previous week’s 0.61% also supported market sentiments.
Markets opened on a negative note tracking the weak global markets but indices rebounded after President Pratibha Patil in her first address to the joint session of both houses of Parliament said, that the UPA government will focus on sectors like small and medium enterprises, exports, infrastructure and housing. Also the government’s stake in PSUs will not fall below 51%.
The 30-share BSE Sensex closed higher by 137.78 points or 0.93% at 15,008.68 and 50-share NSE Nifty closed up by 41.95 points or 0.93% at 4,572.65.
Top among the gainers from the BSE pack was Ranbaxy Laboratories up by 6.06%, followed by Sun Pharmaceuticals by 4.14%, Hindustan Unilever Lts by 3.73%, Reliance Infra by 3.39%, Larson & Toubro by 3.30% and DLF by 3.30%.
ICICI Bank gained 2.02% to Rs734.25 after the bank announced a reduction of 50 bps in its lending rates.
Among the losers Sterlite Industries fell by 5.91%, Hindalco Industries by 3.54%, Tata Steel by 3.53%, Wipro by 1.26% and Infosys Technologies by 1.15%.
In the global front, Asian markets closed in red on weak US employment data. Japan’s Nikkei ended 9.8% down and Hong Kong’s Hang Seng fell by 0.4%.