Sensex rises by over 47 points in choppy trade

Continuing its gaining streak for the sixth straight session, the Bombay Stock Exchange benchmark Sensex on Friday closed higher by over 47 points on fund-based buying as rising industrial growth raised optimism of a faster economic recovery.

In choppy trading, the 30-share index, Sensex, which had gained over 818 points in the last five trading sessions, rose by 47.44 points, or 0.29 per cent, to 16,264.30, after moving between 16,337.98 and 16,130.32 points.

In a similar manner, the 50-share National Stock Exchange index shuttled between 4,856.15 and 4,791.55 points, before ending with a gain of 10.15 points at 4,829.55.

Brokers said the market remained volatile as rising industrial output for a seventh month in July gave indication of an early economic recovery, but falling exports remained a concern for investors.

Factory output grew by 6.8 per cent in July this year, more than 6.4 per cent in the same month a year ago.

They said firming Asian and European stock markets, after China’s industrial production grew at a faster pace than forecast, further supported the local bourses.

Amid choppy trade, 10 out of the 30-BSE index stocks gained, while 20 participants led by Reliance Industries, a heaviest on the key-benchmark ended with losses.