Sensex up 217 points on positive political cues, moderating oil price (Roundup)
March 8th, 2011 - 6:45 pm ICT by IANS
Mumbai, March 8 (IANS) A benchmark index for Indian equities markets rebounded 217 points Tuesday after signs of a rapprochement in sight between the DMK, a key ally of the United Progressive Alliance (UPA) government, and its principal constituent, the Congress, and moderating global oil prices.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the positive at 18,277.34 points, ended the day at 18,439.65 points, up 1.19 percent or 216.98 points from the previous close of 18,222.67 points.
The Sensex touched a high of 18,466.81 points and low of 18,266.62 points in the intraday. The index had lost 264 points Monday.
At the National Stock Exchange (NSE), the broader 50-share S&P; CNX Nifty closed 1.06 percent or 57.65 points higher at 5,520.80 points.
All the broader market indices also closed in the positive territory, with the BSE midcap gaining almost one percent and the BSE smallcap ending 0.76 percent higher at 7,944.85 points.
There was good buying support in technology, auto and metal scrips.
Major gainers on the Sensex were: Bharti Airtel, up 3.16 percent at Rs.334.20; Tata Motors, up 2.91 percent at Rs.1,160.05; ONGC, up 2.90 percent at Rs.271.55; Infosys, up 2.53 percent at Rs.3,114.65; and Jaiprakash Associates, up 2.37 percent at Rs.84.25.
Four out of the 30 scrips that constitute Sensex closed in the red. Hero Honda, down 0.77 percent at Rs.1,518.15; Maruti Suzuki, down 0.65 percent at Rs.1,256.50; ITC, down 0.35 percent at Rs.171.95; and Tata Power, down 0.04 percent at Rs.1,229.85 were the losers on the Sensex.
Other Asian markets also closed in the positive as crude oil prices moderated after soaring to a 29-month high on speculation that the Organisation of Petroleum Exporting Countries (OPEC) will increase production to stem rising prices.
The Japanese Nikkei closed 0.19 percent higher at 10,525.20 points. The Kong’s Hang Seng rose 1.71 percent at 23,711.70 points and the China’s Shanghai Composite index advanced 0.12 percent to close at 2,999.94 points.
Most European markets were also in the green. Around mid-day, the French CAC 40 was trading 0.25 percent higher and the German DAX was ruling 0.26 percent up.
However, Britain’s FTSE 100 was trading 0.01 percent down.
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