Sensex recovers to close 180 pts higher
The BSE benchmark Sensex, which had lost 143 points in the previous session, spurted by 180.70 to 17,651.73 points.business Updated: Jul 08, 2010 18:34 IST
The BSE benchmark Sensex on Thursday shot up by 180 points on revival of buying support with investors confidence growing after the IMF raised the growth outlook for the economy.
The Sensex, which had lost 143 points in the previous session, spurted by 180.70 to 17,651.73 points. Blue-chips Reliance Industries and Infosys Technologies recorded handsome gains.
Reliance Industries rose by Rs 3.55 to Rs 1,056.50 and the second heaviest Infosys Technologies by Rs 44.75 to Rs 2,825.75. The two carry more than 23 per cent weightage on the benchmark.
Marketmen said buying revived after the International Monetary Fund raised India's growth forecast for 2010 to 9.5 per cent. It stated that favourable financing conditions and robust corporate profits will accelerate economic expansion.
Trading sentiment bolstered in tandem with a firming trend in the Asian region and higher opening in the European stocks this afternoon amid.
Easing food inflation for week ended June 25 further fueled the uptrend, market
In 30-BSE index components, 24 stocks gained while six ended with loses. Barring power, all sectoral indices closed with notable to moderate gains.
The broad-based National Stock Exchange index Nifty also rose by 55.75 points to 5,296.85, after touching the day's high of 5,320.50.
The consumer durable sector index gained the most by 2.61 per cent to 4,974.60 as investors felt better monsoon would support a better crop and raise purchase power of household products in the rural area.
The information technologies sector index rose by 1.48 per cent to 5,421.82 on firming dollar and better global outlook would boost revenue of these companies.