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Sensex closes higher by 161 points

business Updated: Mar 19, 2008 16:58 IST

Reuters
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The Bombay Stock Exchange benchmark Sensex gained over 161 points on Wednesday on buying support in heavyweight stocks, especially in capital goods and technology sectors, after the US Fed Reserve cut interest rates by 0.75 percentage.

The 30-share Sensex on the Bombay Stock Exchange, which had lost nearly 951 points this Monday, surged 161.37 points at 14,994.83. It touched the day's high of 15,465.81 and a low of 14,930.08 points.

The wide-based National Stock Exchange index Nifty rose 40.95 points at 4,573.95, after touching the day's high of 4,718.40 and a low of 4,533.90 points.

The bourses will go on a long week-end now. After Id- E-Milad on Thursday and Good Friday, they will reopen on Monday.

The US central bank has slashed its benchmark interest rate by 0.75 percentage to 2.25 per cent to shore up the US economy and boost confidence in the financial system.

Encourage by Fed move, US stocks rallied the most in five years, helped in part by earnings from Lehman Brothers Holdings and Goldman Sachs.

Expectedly, the positive sentiments travelled across the continents to the domestic bourses and benchmark Sensex posted a gain of over 160 points.

Capital goods gained the most by 161.84 points at 13,095.72, followed by information technology sector index by 70.76 points at 3369.63. Auto index rose by 59.18 points at 4398.25 and metal index by 57.77 points at 13,498.55.

In IT sector, Satyam Computer gained Rs19.40 at Rs 389.95 and Infosys Technology by Rs 28.80 at Rs 1341.90 as the rupee slumped to a six-month low against the dollar this week. Marketmen noted that Indian software exporters get more than half their sales from US, the world's largest market for such services.