Afternoon: Sensex touches 10k level on inflation booster

Afternoon: Sensex touches 10k level on inflation booster

New Delhi: The benchmark Sensex rebounded by 3.03% to touch 10,000 level on Thursday afternoon, 18 December after reports of nine-month low inflation came in.

The 30-share BSE index had slipped into choppy session before noon but rose sharply by 293.95 points to 10,009.24 at 2:05pm led by banking, capital goods and PSU banks sector.

The wide-based National Stock Exchange index Nifty rose by 80.10 points to 3,047.40 at the same time.

Trading sentiment were bolstered on reports of inflation falling to 6.84% for the week ended 6 December from 8% in the previous week. Also there are expectations of another fiscal stimulus by next week from the government to lift India’s slowing economic growth.

After Wednesday’s dip for Satyam Computers over the Maytas deal fiasco, their stocks also bounced because of overnight gains in US markets and 50% rise in ADRs of Indian companies.

Satyam gained by 7.21% to Rs169.75, followed by DLF Ltd (6.40%, Rs268.90, ACC Ltd (5.90%, Rs515) and State Bank of India (5.89%, Rs1.272).

Meanwhile, Nikkei rose by 0.6% and Hang Seng was relatively steady.