Sensex ends 447.09 pts higher
Similarly, the National Stock Exchange index Nifty closed up by 130.30 points at 3128.20, after touching a high of 3134.15.india Updated: Jun 30, 2006 17:16 IST
Enthused by a strong global trend, bulls took control of the stock markets, which on Friday climbed by 447 points to a month's high of 10,609.25 while Foreign funds showed signs of returning to India.
The Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex) began with a bang at 10,316.12 and gradually moved upwards to the intra-day high of 10,626.84 before ending the day 10,609.25 against Thursday's close of 10,162.16, a net rise of 447.09 points or 4.4 per cent.
This is the third largest gain in absolute terms, the first two biggest being in the current month on June 9 and 15.
The National Stock Exchange's (NSE) S&P CNX Nifty also zoomed by 130.30 points or 4.35 per cent to 3,128.20 from previous close of 2,997.90.
The country's bourses took a cue from Asian markets and rallied sharply in tandem amid reports that withdrawals from emerging markets slowed down with the prospect of faster economic growth attracting investors back to funds investing in India, market players said.
Global markets turned euphoric on Federal Reserve's hints of a pause in its tightening cycle along with the expected interest rate hike by 25 basis points to 5.25 per cent.
Friday's widespread rally was totally operator-driven with bulls building heavy positions on the first day of derivatives July contract. Foreign Institutional Investors (FIIs) too were believed to enlarging positions in the Futures.
The Dow Jones Industrial Average on Thursday flared up by 217.24 points, the biggest point gain since March 2003 and the Nasdaq Composite Index advanced by 62.54 points, its biggest percentage rise since March 2004.