Sensex shoots up 259 points
Analysts feel the time is ripe to start buying stocks with a medium-term outlook as the markets are close to their bottom, reports Vyas Mohan.business Updated: Aug 22, 2007 21:44 IST
Indian Stocks brushed aside worries of political instability and rallied alongside its Asian peers as a weaker Yen and expectations of an interest-rate cut in the US fuelled investor appetite on Wednesday.
However, even as the Sensex swung 410 points to end the volatile session in the black, the small-cap index continued to exhibit weakness.
While the benchmark index of the BSE gained 259 points or 1.86 per cent to close at 14,248.66 points, the 50-share Nifty of the NSE firmed up by 1.92 per cent to end at 4153.15.
Analysts feel the time is ripe to start buying stocks with a medium-term outlook as the markets are close to their bottom. “We are positive, but do not expect a quick recovery as issues in the global economy and those at the political level will take time to settle down,” said Manish Sonthalia, vice-president of equity strategy at Motilal Oswal.
Brokers said there was good buying interest from institutions at lower levels.