Markets breathe easy, Sensex up 536 points
Sensex surges by over 530 points to regain the 13k level with buying activity picking up on strong global cues and easing of crude oil prices.business Updated: Jul 17, 2008 17:20 IST
Overcoming sustained selling pressure of the past five sessions, the Bombay Stock Exchange benchmark Sensex surged on Thursday by over 530 points to regain the 13k level with buying activity picking up on strong global cues and easing of crude oil prices.
The 30-share BSE barometer, which has lost nearly 1,350 points in past five trading sessions, gained 536.05 points at 13,111.85 points today.
It touched the day's high of 13,150.35 and a low of 12,843.79 points.
Market breadth was impressive with 28 stocks out of 30-scrip Sensex ending in green while two stocks -- Ranbaxy Labs and Tata Steel-- closing in red.
National Stock Exchange index Nifty also shot up by 130.50 points at 3,947.20, after hitting a high of 3,968.75 and a low of 3,823.15 points.
Marketmen said buying activity picked up following reports of crude oil falling from record high levels and global stock markets surging.
With crude oil prices easing, most of refinery stocks, led by Reliance Industries, recorded fresh gains.
Crude for August delivery fell three per cent in New York after the US Energy Department showed an unexpected gain in supplies as fuel demand slowed.