Markets look up, Sensex gains over 134 pts
The BSE benchmark Sensex spurted by over 134 points to snap its five-day long losing spree with metal, capital goods and realty sectors attracting buying support.business Updated: Aug 20, 2008 17:29 IST
The Bombay Stock Exchange benchmark Sensex on Wednesday spurted by over 134 points to snap its five-day long losing spree with metal, capital goods and realty sectors attracting buying support amid positive cues in Asian bourses.
The 30-share Sensex, which lost nearly 960 points in past five sessions, rebounded to post a gain 134.50 points at 14,678.23. The key index touched the day's high of 14,746.20 and a low of 14,584.03 points.
The 50-share National Stock Exchange index Nifty also rose by 47.50 points at 4,415.75, after touching the day's high of 4434.90 and a low of 4365.45 points.
IT stocks were in demand after US dollar strengthened to the highest level this year, raising expectations of strong profit earnings for software exporting companies.
Marketmen said a firming trend in Asian region boosted the trading sentiment. Hong Kong stocks rose, with the benchmark index rebounding from a one-year low on speculation that China will introduce measures to support the economy.
However, investors preffered to lighten their positions ahead of the inflation data to be released tomorrow amid speculations that the rate of price rise might surge further.