Easing crude prices boost markets, pulls Sensex up 217
The benchmark Sensex of the Bombay Stock Exchange on Tuesday bounced back by 217 points as easing political concerns and softening crude prices lifted buying sentiments.business Updated: Mar 08, 2011 23:07 IST
The benchmark Sensex of the Bombay Stock Exchange on Tuesday bounced back by 217 points as easing political concerns and softening crude prices lifted buying sentiments.
The index opened on a strong note on positive global cues and sustained the momentum to close with a gain of 217 points, or 1.2%, at 18,439.7.
Dravida Munnetra Kazhagam‘s (DMK’s) decision to hold back resignation of its six ministers from the UPA government at the Centre lifted markets. Besides, brent crude also dropped below $113 per barrel, after Kuwait’s oil minister said OPEC was considering boosting production for the first time in more than two years.
The Nifty of the National Stock Exchange also rebounded by 58 points, or 1.1%, to settle at 5,520.8.
“Markets ended up, amid stability in global markets and softening crude prices. IT stocks saw buying as stability in global markets improved the industry’s outlook. Financials also performed amid positive developments for the sector such as proposed capital infusion in few public sector banks,” said Bhavin Desai, manager and analyst, Motilal Oswal Securities.
Market participants said the next trigger for the markets will be the announcement of fourth quarter results in April.