Markets set aside fuel price hike factor, Sensex gains 255
The markets shrugged off impact of fuel price hike on Wednesday, with the the Bombay Stock Exchange benchmark Sensex gaining nearly 255 points as buying trend emerged in metal, IT and bank stocks.
The 30-share Sensex, which had lost over 900 points in past three trading sessions, rose by 254.93 points at 15,769.72 in volatile trading.
The BSE barometer had lost over 440 points yesterday alone on fears of further inflationay pressure after the government announced a hike in fuel prices.
The key index moved between 15,814.80 and 15,314.02 points, revealing a wide gap of 500 points during the day.
In similar fashion, the wide-based National Stock Exchange index Nifty surged 91.35 points at 4,676.95, after touching the day's low of 4,536.25 and a high of 4,690.60 points.
Marketmen attributed today's gain to to rise in metal sector index which rose by 291.44 points at 15,714.59, followed by IT sector 220.09 points at 4,617.44. Bank index also closed higher by 138.21 points at 7,348.58.
PSU index rose by 121.11 points at 6,719.54, tech index by 117.78 points at 3,525.65, power index by 76.18 points at 2,708.49 and healthcare index by 80.96 points at 4,345.89.
However, realty sector index fell by 63.15 points at 6,326.05, consumer durable by 57.99 points at 4,031.72 and auto index by 3.58 points at 4,222.01.