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Early gains not held on BSE

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MUMBAI: The Bombay Stock Exchange sensitive index (Sensex) rose by over 500 points in early trade on Tuesday in tune with the surge in Asian and European bourses but pared most of the gains with investors preferring to sell at existing higher levels to book profits.

The 30-share index finally settled at 11483.40, a rise of 174.31 points from its previous close. The 50-share Nifty of the National Stock Exchange advanced by 27.95 points to 3518.65.

Marketmen said investor sentiment was boosted by Finance Minister P. Chidambaram’s encouraging words and Reserve Bank of India’s decision to conduct a special 14-day repo at nine per cent per annum to enable banks to meet liquidity requirements of mutual funds and strong global trend triggered a sharp rally.

Asian indices closed higher in the range of 3-14 per cent. Nikkei climbed by 14.15 per cent, its biggest one-day gain. European markets were nearly 4 per cent up in morning trade.

ICICI Bank shares rose by 5.18 per cent, which brokers said, could be a sign of investors reposing confidence in its sound financials. — PTI

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