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Thursday close: Sensex soars 184 pts

Impressive growth in industrial output as well as falling crude oil prices impart buoyancy to the benchmark BSE index.

india Updated: Oct 12, 2006 17:41 IST

Impressive growth in the industrial output coupled with falling crude oil prices helped the stock markets stage a smart rally on Thursday, lifting the benchmark Sensex by over 184 points to end at 12,537.98.

This is the second highest closing for Sensex after the all-time peak of 12,612.38 it touched on May 10 this year.

The positive factors triggered hectic short-covering by foreign institutional investors as well as retail investors, which were earlier unwilling to make any fresh commitments in spite of outstanding second quarter earnings released by IT major Infosys Technologies on Wednesday.

The Bombay Stock Exchange (BSE) 30-share Sensitive Index (Sensex) bounced back from the day's low of 12,315.02 and surged to a strong finish at 12,537.98, netting a hefty rise of 184.49 points or 1.49 per cent over Wednesday's close of 12,353.49.

Similarly, the National Stock Exchange's (NSE) S&P CNX Nifty shot up by 62.50 points or 1.76 per cent to 3,621.05 from previous close of 3,558.55.

In a belated response to Infosys Tech's better-than-expected Q2 working results and upward revision of revenue guidance, investors made across-the-board share purchases even as a sharp rise in industrial output lifted the market morale, stock brokers said.

India's industrial output grew by 9.7 per cent in August compared to 7.6 per cent in the same month last fiscal.

The market sentiment was also boosted by oil prices touching lowest levels of the year in Asian trade. Crude oil prices fell to 57.58 dollars a barrel this morning.

Foreign funds and operators were engaged in covering their short positions after booking profits in the last two trading sessions, they added.

The market breadth turned positive with 1,402 gainers against 1,072 losers of the total 2,544 traded counters. As many as 191 scrips hit the upper circuit filter at close while 73 others touched the lower price band.