Markets recover, Sensex up by more than 117 points

Markets recover, Sensex up by more than 117 points
PTI
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First Published: Thu, Feb 21 2008. 04 32 PM IST
Updated: Thu, Feb 21 2008. 04 32 PM IST
Closing
Mumbai: The Bombay Stock Exchange benchmark Sensex on Thursday recovered by more than 117 points on emergence of buying by funds in fundamentally strong stocks available at lower levels.
The 30-share Sensex, which had plunged 458 points in the previous day’s trading, closed with a gain of 117.08 points at 17,734.68.
In volatile movement, the key index touched the day’s high of 17,911.66 and low of 17,482.31 points.
The second wide-based National Stock Exchange index Nifty also rose by 37.35 points at 5,191.80. It shot up to a high of 5,241.35 and a low of 5,120.05 points during the day.
The major support to the market came from the metal index which rose 605.85 points at 16,439.38, followed by IT index which firmed up 184.14 points at 4,041.97.
Consumer durable index gained 122.98 points at 4,882.06, teck index by 90.30 points at 3,396.18, healthcare index by 54.42 points at 3,735.11, auto index by 42.42 points at 4,801.06, realty index by 29.54 points at 9,738.77 and oil and gas index by 28.26 points at 10,912.26.
The upward pace of the market was somehow arrested by banking stocks which fell sharply on concerns that their margins would come under pressure as many of them have yesterday announced a further cut in lending rates, which it is feared, would harm their revenues.
Bank sector index fell by 130.87 points at 10,478.94 and capital goods index by 94.97 points at 15,837.90.
Late Morning Update
Mumbai: The BSE benchmark Sensex bounced by 252 points to 17,869.88 in morning trade, buoyed by a reduction in the prime lending rates by select PSU banks and strong global cues.
The country’s largest lender SBI slashed its PLR by another 0.25% with effect from 21 February, followed by a cut in the PLR in a range of 0.25 to 0.50% by Union Bank of India, Bank of India and Canara Bank.
Barring China’s shanghai composite, other Asian indices gained about 1.0% in early trade.
The 30-share index, Sensex, opened strong at 17,825.22 and later was quoted at 17,869.88 at 1030hrs, a rise of 252.28 points over previous close of 17,617.60.
The National Stock Exchange’s S&P CNX Nifty also jumped by 79.25 points to 5,233.70 at 1030 hrs from last close of 5,154.45.
Meanwhile, Foreign Institutional Investors remained net sellers on 20 February, while domestic funds absorbed these sales, as per provisional data.
Buying support seem genuine as the activity was seen across the board during early trade, marketmen said. Rising crude oil prices, however, remained the main cause of concern for investors, they added.
Opening
Mumbai: The Bombay Stock Exchange benchmark Sensex on Thursday rebounded by gaining over 294 points in early trade on emergence of buying in heavy weight stocks, available at attractive low levels.
The 30-share index, which had lost 458 in previous day’s trading, shot up by 294.06 points to 17,911.66 in the first five minutes of trade.
Similarly, wide-based National Stock Exchange’s Nifty rose 86.9 points to 5,241.35.
A firming trend in global markets boosted the trading sentiment to some extent, brokers said.
Share in Hong Kong stock market opened 1.56% higher on Thursday, tracking Wall Street’s overnight gains on hopes that the US Federal Reserve will again cut its key interest rate next month.
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First Published: Thu, Feb 21 2008. 04 32 PM IST
More Topics: Stocks | Markets | BSE | Nifty | Sensex |