Sensex vaults 255 points to regain 17,000-level

June 05, 2010 05:05 pm | Updated November 09, 2016 02:41 pm IST - Mumbai

BSE Sensex through the week

BSE Sensex through the week

The BSE benchmark Sensex regained its psychological 17,000 level by surging 255 points on persistent buying mainly in auto, FMCG and PSU counters on robust GDP growth, strong auto and cement sales and recovery in the world stock markets.

Better-than-expected performance by manufacturing, mining and quarrying industries helped the Indian economy grow by a healthy 8.6 per cent in the last quarter of 2009-10, boosting the market to some extent.

The gross domestic product (GDP) grew at 7.4 per cent for 2009-10, higher than the February projection of 7.2 per cent.

Auto stocks were in the limelight after unveiling robust sales figures for May 2010.

Shares of India’s second-largest listed cellular services provider by sales Reliance Communications (RCom) gained 14.04 per cent on reports the company was considering a merger with South Africa’s MTN Group or roping in a strategic foreign investor to fund its foray into 3G services.

Business activity remained strong for India’s vast services sector in May 2010, with a key gauge growing for a 13th consecutive month.

The 30-issue Sensex opened higher at 16,872.17 and shot further to 17,150.42 before ending the week at 17,117.69, a net rise of 254.63 points, or 1.51 per cent, from its last weekend’s close. U.S. stocks rallied during the week as investors rushed back into beaten-down shares.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.