Sensex up by 210 pts on firm global cues
The benchmark Sensex bounce back with a vengeance by going up 210 points, 2.31 per cent, and close at 9,300.86 on the back of firm global cues amid hopes of tax sops in the forthcoming interim budget.business Updated: Feb 07, 2009 07:23 IST
Heavy buying in key counters from refineries, metals and banks helped the benchmark Sensex to bounce back with a vengeance by going up 210 points, 2.31 per cent, and close at 9,300.86 on the back of firm global cues amid hopes of tax sops in the forthcoming interim budget.
The recovery was so strong that all the sectoral indices ended with gains while only two out of the 30 Sensex shares registered losses at close.
Traders expect tax cuts in the forthcoming interim budget, to be announced on February 16, to boost the sagging economy and bring relief to industry. On Friday the government hinted at fiscal sops in the vote-on-account.
The Bombay Stock Exchange 30-share Sensex was in positive terrain throughout the day.
On Thursday, it was down by 110.97 points or 1.21 per cent.
The broader 50-issue Nifty of the National Stock Exchange also recouped by 63.05 points or 2.27 per cent to 2,843.10 from its last close.
Asian indices ended with gains between 0.63 per cent and 3.97 per cent while European markets resumed better on the back of a smart rally on Wall Street last night on expectations that the US administration will provide a boost to the sagging financial sector.