Sensex up 108 pts on European cues; Bharti shines on D-street
The stock market closed with a gain of 108 points after a sudden spurt in buying by mid-session triggered by a rise in European equities.business Updated: Mar 25, 2010 18:45 IST
The stock market on Thursday closed with a gain of 108 points after a sudden spurt in buying by mid-session triggered by a rise in European equities.
The Bombay Stock Exchange's 30-share barometer rose 107.83 points, or 0.62 per cent, to 17,558.85 points, advancing for the second consecutive day.
The 50-share NSE index closed up 0.67 per cent at 5,260.40 points.
"Fresh buying emerged ahead of the expiry of the March contract today as traders covered their positions by buying stocks, which they had sold earlier in the day, at lower levels post mid-session," Geojit BNP Paribas Financial Services Research Head Alex Mathews said.
The market opened weak and had dipped by 68 points as Asian markets turned negative. However, post mid-session, the market recovered as investors bought shares ahead of the April contract beginning tomorrow.
"Sensex reversed intra-day losses and surged in mid-session tracking higher European stocks. Also buying at lower levels on the settlement day of derivative market and gains in US index futures helped the market to close in the positive," Angel Broking VP Research Sarabjit Kour Nagra said.
Telecom firm Bharti Airtel gained nearly three per cent after Zain said that both the companies would sign "definitive agreements" soon. "Bharti-Zain deal also gave a positive impact to the overall market," Nangra said.