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Sensex at sweet 17 again

The BSE benchmark index regains the 17K level after almost 2 months by adding 405 pts after discarding concerns over souring inflation.

business Updated: Apr 25, 2008 18:02 IST

The Bombay Stock Exchange benchmark Sensex today regained the sweet 17K level after almost two months by adding 405 points after discarding concerns over souring inflation, with heavyweight stocks in metal, banking and refinery counters attracting buying support.

The 30-share index of Bombay Stock Exchange ended the day at 17,125.98, a rise of 404.90 points, or 2.42 per cent, over its previous close.

The broader 50-share S&P CNX Nifty on the National Stock Exchange also advanced by 111.85 points, or 2.24 per cent, to close at 5,111.70.

Brokers said the markets awaiting a trigger after trading range-bound in the past few sessions spurted after the Bharti Airtel, the country's biggest cellular services provider, announced a better-than-expected fourth quarter earnings.

Index-related stock Bharti Airtel topped the pack of gainers at 9.61 per cent, as it posted a 37 per cent growth at Rs 1,853 crore in net profit for the quarter ended March 31.

The markets, however, witnessed volatility for a brief period after the release of inflation data in the morning. Inflation rose to 7.33 per cent for the week ended April 12.

Marketmen said besides robust earnings India Inc, marketwide rollover to May series of derivative was about 82 per cent, a indication of strong market fundamentals and bullish undertone.

"Investors will rather prefer to wait for the Reserve Bank's monetary policy on April 29 in the light of inflation pressure," they added.

The quarterly earnings of the frontline companies so far are encouraging. Global bourses also showed signs of a gradual recovery. The US jobs and manufacturing data reflected resilience in its economy.