Sensex up 360 pts despite moderation in GDP growth
Stock markets rally with a gain of 360 points in the benchmark Sensex while shrugging off concerns whatsoever in moderate GDP growth in second quarter of the fiscal and a marginal rise in inflation for the week ended Nov 17.business Updated: Nov 30, 2007 19:08 IST
Stock markets rallied on Friday with a gain of 360 points in the benchmark Sensex while shrugging off concerns whatsoever in moderate GDP growth in second quarter of the fiscal and a marginal rise in inflation for the week ended November 17.
Operators and retail investors stepped up their purchases after emergence of buying support from Foreign Institutional Investors (FIIs), which were engaged in negative activity in November, market players said.
The market remained strong throughout except for a brief period during early trade when it touched the day's low of 19,006.89.
The Bombay Stock Exchange 30-share Sensex ended 359.93 points or 1.89 per cent up at 19,363.19 over yesterday's close of 19,003.26.
The broader S&P CNX Nifty of the National Stock Exchange also surged by 128.15 points or 2.27 per cent to close at 5,762.75 from previous close of 5,634.60.
The economic growth was low at 8.9 per cent in July-September quarter compared 10.2 per cent in the same quarter last year while inflation rate moved up to 3.21 per cent for the week ended November 17 from 3.01 per cent in the preceding week.
Meanwhile, Finance Minister has expressed confidence that economic growth will be close to 9.0 per cent this fiscal and attributed the moderation in GDP growth in Q2 to slowdown in manufacturing.
Barring Shanghai Composite, which ended 2.63 per cent lower, other Asian indices such as Hang Seng, Nikkei, Strait Times and Taiwan Weighted closed with impressive gains.