Sensex 69 points up at close; metal stocks firm
The stock market on Wednesday staged modest recovery with the benchmark Sensex adding 69 points.india Updated: Jan 24, 2007 16:59 IST
The stock market on Wednesday staged modest recovery with the benchmark Sensex adding 69 points on the back of strong rally in Metal and Capital Goods shares.
The Bombay Stock Exchange's 30-share sensitive index settled at 14110.46, a gain of 69.22 points or 0.5 per cent over Tuesday's close of 14,041.24.
The index rose to an intraday high of 14,156.46 after opening at 14,069.61.
A strong surge in metal prices in world markets triggered heavy buying in metal stocks while traders also covered short positions in derivatives ahead of expiry of January series on Thursday.
On the National Stock Exchange (NSE), the S&P CNX Nifty gained 23.80 points or 0.59 per cent to 4,089.90 from previous close of 4,066.10.
Operators were busy rolling over positions to the new contract of the Futures and Options (F&O) beginning on January 29 in view of a public holiday on Friday on account of Republic day, brokers said.
Reflecting the rally in metal shares, the BSE Metal Index soared by 331.25 points or 3.72 per cent to 9,228.60.
Iron ore exporter, Sesa Goa Ltd scored 10.53 per cent rise in its share price on reports of buy-back of shares at a substantially higher price.
Firm trend in other Asian markets also had a positive impact on the domestic bourses. Hong Kong's Hang Seng ended up by 51.35 points, Japan's Nikkei by 98.83 points, Singapore's ST by 17.34 points, Korea's Kospi by 19.97 points and Taiwan's Weighted Index by 83.18 points.