Sensex dusts off early sharp losses, ends up by 207 pts
The Bombay Stock Exchange 30-share barometer bounced back and completed its five-day winning streak with a gain of a whopping 207.47 points to close at nearly a six-month high of 10,742.34, despite sluggish overseas markets.business Updated: Apr 08, 2009 21:25 IST
In a remarkable turnaround from the early steep fall, the benchmark Sensex bounced back and completed its five-day winning streak with a gain of a whopping 207.47 points to close at nearly a six-month high of 10,742.34, despite sluggish overseas markets.
Taking a cue from weak global cues, the Bombay Stock Exchange 30-share barometer resumed sharply lower and was down by nearly 363 points or 3.45 per cent in early trade.
However, buying across the board helped the Sensex to spring back by over 570 points from the day's low of 10,171.91 to close at 10,742.34, the level not seen since October 15, 2008, when it was ended at 10,809.12, a rise of 1.97 per cent over its previous close.
A technical research report by US-based Elliot Wave International has said at a time when developed markets across the world are in a bearish phase, the Sensex may continue to advance over next 15 years and is likely to breach its all-time high level of 21,000.
In a straight five-session rally, the bellwether index notched up a total of 1,174.20 points or 12.27 per cent.