The Hindu : Business : Sensex recovers

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Sensex recovers

MUMBAI: The Bombay Stock Exchange bellwether Sensex gained 230 points in a choppy trade on Friday, ending a two-day falling streak, on the back of encouraging global cues and a rise in infrastructure output in September, though closed the week short of the 10000-mark.

The market sentiment was also boosted by an impressive 75 basis point cut in prime lending rate by several public sector banks even as global equity markets bounced back after Bank of England and European Central Bank on Thursday slashed key rates by 150 basis points and 50 basis points, respectively.

The BSE barometer settled the day at 9964.29, a net rise of 230.07 points or 2.36 per cent from its previous close. It had lost 896.90 points or 8.44 per cent in the last two days.

The broader 50-share Nifty of the National Stock Exchange also recovered by 80.35 points or 2.78 per cent to close at 2973 from its last close. Brokers, however, attributed the recovery to week-end buying support, saying, “The market is still bearish with investors worried about the global recession.” They said a rise in infrastructure growth in September and firm trend in U.S. futures led a smart recovery in domestic stocks. Asian markets too recovered from their early lows following a rate cut by world’s two major central banks. — PTI

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