Sensex regains upward march, gains 170 pts at closing
The BSE 30-share index shoots up by 170.16 points to end at 15,616.31. It touches a high of 15,637.73 and low of 15,350.18 points as the market remains volatile at the early stage.business Updated: Sep 06, 2007 16:54 IST
The benchmark Sensex on Thursday regained its upward march by rising over 170 points on the Bombay Stock Exchange on revival of buying by funds in bank and cement stocks.
The BSE 30-share index, which on Wednesday snapped an eight- day rising streak by falling 19 points, shot up by 170.16 points to end at 15,616.31. It touched a high of 15,637.73 and a low of 15,350.18 points as the market remained volatile at the early stage.
The key-index rose to its highest level in more than a month as cement major ACC and private lender HDFC Ltd recorded hefty gains.
The second wide-based National Stock Exchange index Nifty shot up by 42.75 points at 4,518.60. It touched the day's high of 4,522.50 and a low of 4,445.55 points.
Marketmen said cement shares rose on speculation that imports from Pakistan won't pose a threat to earnings because of price differences for the building material after they were raised in the neighbouring country.
ACC, the country's largest cement maker, added Rs 19.80 at Rs 1,102.20, followed by the third-largest Grasim Industries, which rose by Rs 121.20 at Rs 3,177.35. Ambuja Cements rose by Rs 3.15 to Rs 141.
Banking index gained the most by 92.43 points at 8,110.85 followed by capital goods index by 91.95 points at 13,658.66. Oil and gas index rose by 90.24 points at 8,231.83.
Metal index rose by 88.45 points at 11,687.04, PSU index by 87.68 points at 7,287.77, auto index by 60.58 points at 4,937.54 and consumer durable index by 48.55 points at 4,497.19.