Indian equities market sheds most of its early morning gains

April 2nd, 2008 - 5:57 pm ICT by admin  

A file-photo of Sensex

Mumbai, April 2 (IANS) The Indian equities market shed most of its initial gains by early Wednesday afternoon but was still over 250 points ahead of its previous close. Strong cues from global markets boosted the Indian bourses Wednesday. Other Asian markets that opened before the Indian market surged.

Here, the market breadth was strong; 26 shares from the 30-member Sensex pack advanced. Frontline banking and IT shares advanced on fresh buying. However steel stocks under-performed due to fears the government may take steps to rein in surging steel prices.

At 1:20 p.m., the Sensex - the bellwether index of the Bombay Stock Exchange - was up 291.78 points or 1.87 percent at 15,918.40.

The Sensex had opened with an upward gap of 396.68 points at 16,023.30 and advanced further to hit a high of 16,236.70 in early trade. At the day’s high, it was 610.08 points above Tuesday’s close.

At the same time, the broader based S&P CNX Nifty was at 4,834, 94.45 points or 1.99 percent above the previous day’s close.

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