Sensex gains 66 pts as markets show resilience

Sensex gains 66 pts as markets show resilience


Mumbai: Indian bourses today virtually set aside the shock of a violent terror strike on the country’s commercial capital, with the markets showing greater resilience as the benchmark 30-share index today gained 66 points amid a 7.6% GDP growth in the second quarter.

The market, however, witnessed choppy trade on account of the day being the last one of derivatives series. The expiry in the Futures and Options was postponed by a day as the markets remained closed yesterday following the terrorist attacks on Wednesday night.

The Bombay Stock Exchange barometer settled the day at 9,092.72, a net rise of 66.00 points or 0.73% from its previous close.

Resuming sharply lower at 8,889.18, the Sensex later moved erratically in a 268-point range, as the activity was mostly confined to squaring off by investors.

The broader 50-share Nifty of the National Stock Exchange ended at 2,755.10, marginally higher from its last close of 2,752.25.

Brokers said encouraging global cues as well as news that Indian economy notched a reasonable growth rate of 7.6 per cent in the second quarter of the current fiscal aided the market sentiment.

Barring the Shanghai Composite, which closed 2.44% lower, other Asian indices were stronger by about 1.0 to 4.0%. Taiwan market, however, ended flat.

They said markets seem still optimistic about a probable rate cut by the Reserve Bank, which had earlier taken steps to infuse sufficient liquidity in the banking system to tide over any adverse impact of the global financial crisis.