Sensex closes 290 points up as banking, capital good shares rally

Sensex closes 290 points up as banking, capital good shares rally
PTI
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First Published: Tue, Jul 31 2007. 04 20 PM IST
Updated: Tue, Jul 31 2007. 04 20 PM IST
Mumbai: The Bombay Stock Exchange benchmark Sensex climbed more than 290 points on 31 July on buying by funds in heavy-weight stocks, particularly in capital goods, metal and banking sectors.
Firming global markets also influenced the trading sentiments on the domestic bourses.
The BSE 30-share index, which had gathered over 26 points yesterday, rose by another 290.08 points, or 1.90% to close at 15,550.99. Earlier, it touched an intra-session high of 15,568.85.
Similarly, the wide-based National Stock Exchange index Nifty gained 91.95 points, or 2.07 per cent at 4,531.95. It touched an intra-day peak of 4,534.20 points and low of 4,432.85.
Market observers said buying activity remained centred around stocks of engineering, capital goods and construction companies.
They said strong Q1 earnings by corporate giants, including BHEL, too buoyed the trading sentiments.
Banking segment stocks, led by the State Bank of India, were also in the limelight as the Reserve Bank of India kept lending and borrowing interest rates unchanged in its credit policy today.
However, the RBI hiked the Cash Reserve Ratio (CRR) by 0.5 per cent to 7 per cent to suck out excess liquidity.
The banking index, closed 1.21 per cent up, capital goods index rose by 5.33 per cent, metal index by 2.23 per cent and Realty index by 2.80 per cent.
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First Published: Tue, Jul 31 2007. 04 20 PM IST