Sensex advances 54 pts after double-digit industrial growth
In a volatile trading session, the Bombay Stock Exchange benchmark Sensex today closed higher by 54 points on selective buying by funds influenced by a high industrial growth.business Updated: May 12, 2010 17:21 IST
In a volatile trading session, the Bombay Stock Exchange benchmark Sensex today closed higher by 54 points on selective buying by funds influenced by a high industrial growth.
The 30-share barometer, which had lost nearly 189 points in previous session, recovered by 54.28 points to close at 17,195.81 points. In choppy trade, the benchmark shuttled between 17,252.52 points and 17,028.08 points during the day.
The National Stock Exchange index Nifty rose by 20.50 points to 5,156.65 points.
Brokers said that industrial output maintaining its double-digit growth for the sixth consecutive month at 13.5 per cent in March lifted the markets.
The trading sentiment also supported as Finance Minister Pranab Mukherjee said that inflation would come down rapidly in the coming months and hoped that the country would exceed the growth projected by the International Monetary Fund.
A better trend in Asian region was another supporting factor for the rising market and helped in pulling out the barometer from the day's low led by Reliance Industries and Infosys Technologies. The two stocks carry nearly 23 per cent weightage on the Sensex.
However, a fall in telecom major Bharti Airtel by Rs 23.65 to Rs 261.55, concerned about an additional spectrum fee, capped the gains.