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Equities stage further recovery

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MUMBAI: Taking a cue from firm global trend, the stock market extended gains for the second consecutive day on Wednesday with the benchmark Sensex rising by another 162 points on continued positive FII activity amid the Government's move to make cement imports duty-free.

The market continued its recovery as foreign funds made heavy purchases in front line stocks at attractive price levels after a huge 617-point plunge on April 2.

Despite a negative development for the cement sector, the Bombay Stock Exchange Sensex opened strong at 12691.24 and later touched the day's high of 12835.36 before ending at 12786.77, a net rise of 162.19 points or 1.28 per cent over Tuesday's close of 12624.58.

The broader S&P CNX Nifty of the National Stock Exchange also shot up by 42.60 points or 1.15 per cent to close at 3733.25 from previous close of 3690.65. The market sentiment was largely boosted by a firm trend in Asian markets and increased FII activity. Continued low volume, however, indicated that retailers participation has fallen substantially after Monday's mayhem. PTI


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