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Sensex recovers 256 points

MUMBAI: The year 2009 commenced on a promising note as the Bombay Stock Exchange benchmark Sensex surged over 256 points on Thursday on heavy buying by funds on falling inflation data and expectations of another stimulus package from the government.

The 30-share index gained 256.15, or 2.66 per cent, at 9903.46, as traders started buying for the New Year, buoyed by hopes of an economic package and rate cuts, after it slumped more than half in 2008, its worst annual fall. It closed at 9647.31 on Wednesday.

The key index touched the day’s high of 9921.70 and a low of 9711.64 with some investors offloading shares on fears that the market boosters might not give a sharp turnaround to the economy amid dismal corporate earnings and the global economic downturn and financial market turmoil.

The 50-share National Stock Exchange Nifty oscillated between 3039.25 and 2963.30 before closing with a gain of 74.30 points at 3033.45. Marketmen said the inflation rate falling to a 10-month low at 6.38 per cent and the prospect of another stimulus package and the Reserve Bank of India’s rate cuts boosted trading sentiment. They said retail investors were still not confident of joining the rally, and are offloading.

The realty sector index gained the most, by 6.52 per cent, to 2422.43 on expectation of another round of interest rate cuts. The metal sector index was the second-best performer, rising 6.02 per cent to 5528.38, influenced by a rally at the London Metal Exchange on Wednesday.

Other major gainers in the Sensex pack were Tata Motors (7.48 per cent), Satyam Computer (7.17 per cent), Wipro (6.17 per cent), L&T (6.11 per cent), Sterlite (5.70 per cent), REL Infra (5.66 per cent), Maruti Suzuki (5.56 per cent) and Tata Steel (5.49 per cent).

The losers were ITC (0.03 per cent), and Ranbaxy, ( 0.97 per cent). — PTI

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