The Hindu : Front Page : Sensex scores handsome gains

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Sensex scores handsome gains

Refinery, bank shares evoke buying interest

MUMBAI: The Bombay Stock Exchange benchmark Sensex shot up by another 524 points for the second straight day on Friday amid mixed global cues and a further fall in crude prices, giving hopes that buying is finally finding its feet again in the market.

Marketmen said Thursday’s positive sentiment, which lifted the BSE barometer by over 530 points to end the five-day losing spree, prevailed and was also aided by a lower-than-expected rise in latest inflation figure.

After touching a low of 13093.34 in late morning trade, the 30-share Sensex rebounded to settle the day at 13635.40, a handsome rise of 523.55 points over its previous close.

The S&P CNX Nifty of the National Stock Exchange (NSE) also spurted by 145.05 points to 4092.25. Brokers said the rise in inflation data was below than expectation of market which was anticipating the rate of price rise to cross the 12 per cent mark.

Inflation for the week ended July 5 at 11.91 per cent, a rise of two basis points from the previous week, may minimise the pressure on the Reserve Bank to take further stringent measures to tighten the money supply, they added.

Global crude oil prices also dropped sharply in the last couple of days to near $131 a barrel in Asian trade.

Bank stocks climbed up by 8.05 per cent after a marginal price rise soothed concerns of the investors. ICICI Bank ended up as the biggest gainer of the day at 12.05 per cent.

Refinery, PSUs, capital goods and FMCG shares also evoked good buying interest and notched up handsome gains. Contrary to market trend, IT counters suffered a sharp setback on selling due to indications of caution in near-term as per statement given by Wipro and also rising value of the domestic currency. — PTI

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