Intra-day: Sensex up by 163 pts at 17,023.73
The 30-share index opens remarkably higher at 17,088.03 and improves further to quote at 17,023.73 at 10:30 am.business Updated: May 13, 2008 13:20 IST
Nothwithstanding the signs of slowdown in Indian economy, the stock markets on Tuesday recovered further on firm global cues and the benchmark Sensex was up by another 163 points at 1030 hours.
The Bombay Stock Exchange (BSE) 30-share index opened remarkably higher at 17,088.03 and improved further to quote at 17,023.73 at 10:30 am, a smart rise of 162.83 points or 0.97 per cent over previous close of 16,860.90.
The 50-share Nifty of the National Stock Exchange (NSE) also improved further by 28.45 points to 5,041.10 at 10.30 am from last close.
Besides China, most of the Asian markets were trading firm by 0.6 per cent to 1.7 per cent on Tuesday morning.
Yesterday's battered realty and metal counters were the prominent gainers while IT stocks continued their upward march due to sustained fall in the rupee value.
According to analysts this is only a pull-back rally and market is still concerned over the spiralling upwards inflation and government data showing a steep fall in industrial production to 3 per cent from 14.8 per cent in the year-ago period.
Foreign Institutional Investors (FIIs) continued their selling for the last few days and they sold shares worth Rs 210.57 crore on Monday as per provisional figures.
Meanwhile, global crude prices retreated from the all-time peak and was quoted at $123.50 a barrel in New York on Monday.