Market remains flat in restricted trade, ends 19 points up
Snapping a three-day falling streak, the Bombay Stock Exchange benchmark Sensex ended with a gain of over 19 points, on a rise in metal stocks.business Updated: Mar 04, 2009 17:01 IST
Snapping a three-day falling streak, the Bombay Stock Exchange benchmark Sensex ended with a gain of over 19 points, on a rise in metal stocks.
The Sensex, which had touched a 40-month low in the previous day’s trading, moved between 8,501.46 and 8,373.24 points during the day before closing at 8,446.49.
In a similar fashion, the 50-share National Stock Exchange index Nifty rose by 22.80 points to 2,645.20. It moved between 2,655.70 and 2,611.95 as trading volumes remained restricted.
Metal stocks, led by Sterlite Industries, rose on optimism that the Chinese government will increase infrastructure spending. The metal sector index gained the most by 2.80 per cent at 4,546.95.
China, the world’s largest consumer of metals, is believed to be mulling a new stimulus package. Sterlite Ind rose by 3.11 per cent to Rs 245.40 and Hindalco Industries, the largest aluminum maker, by 3.35 per cent to Rs 38.55.
Tata Steel, the country’s major steel producer, rose by 0.64 per cent to Rs 156.70 and JSW Steel by 4.34 per cent to Rs 177.95 on expectations that the Chinese government might announce the package tomorrow at the opening of the annual meeting of lawmakers.