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Markets remain upbeat; Sensex zooms by 817 pts

Markets remain upbeat; Sensex zooms by 817 pts
PTI
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First Published: Thu, Feb 14 2008. 05 21 PM IST
Updated: Thu, Feb 14 2008. 05 21 PM IST
Mumbai: The markets staged an impressive pull-back rally on Thursday, shrugging off fears whatsoever, with the benchmark Sensex shooting up by more than 810 points on strong clues from global markets as fears of a recession in US has started withering.
Marketmen said investors’ confidence was so high that even the Centre’s decision to effect a hike in fuel prices failed to dampen the trading sentiments.
The 30-share BSE barometer gained 817.49 points, or 4.82%, to settle the day at 17,766.63 over its previous close of 16,949.14.
Market players said signs of the Foreign Institutional Investors (FIIs) returning ahead of the Union Budget, which is to be presented 29 February, also boosted the trading sentiments.
As many as 29 of the 30 Sensex shares registered impressive gains. Only Infosys ended in the red.
Refinery stocks, riding on the decision to increase prices of petrol and diesel, surged as the rise in retail rates is expected impact the bottom lines of public sector oil marketing companies.
It is for the second day in row that the markets are surging on global cues. While a surprise rise in January US retail sales boosted investors’ confidence today, Warren Buffett’s offer to reinsure US Municipal bond risk had enlivened the markets on Wednesday.
Reflecting a sharp rally on Wall Street on Wednesday, Asian indices ended positive in the range of about 1.4% to 4.3%. European markets too were firm during early trade.
Market participants said the global turnaround has raised confidence in investors, who hectically covered their short positions and also made fresh commitments across the board.
The National Stock Exchange’s S&P CNX Nifty also soared by 272.55 points, or 5.53 per cent, to close at 5,202.00 from last its close of 4,929.45.
Analysts said the Nifty now has closed well above the 200-day moving average paving the way for a bull run. The upper target is placed at 17,965 for the Sensex and 5,260 for the Nifty.
Opening
The Bombay Stock Exchange benchmark Sensex on Thursday surged by 637 points in early morning trade on sustained buying by funds in heavy-weight stocks.
The 30-share index, which had gained 341 points on Wednesday, rose by 636.91 point to 17,586.05 in the first five minutes of trade.
Similarly, National Stock Exchange Index, Nifty spurted by 195 points to 5,124.45 as blue-chip stocks like Reliance Industries, Infosys Tata Steel and BHEL were trading at higher level.
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First Published: Thu, Feb 14 2008. 05 21 PM IST
More Topics: Sensex | Nifty | BSE | NSE | Stocks |