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Sensex closes up by 151 points

Ahead of formation of new government at Centre, institutional investors returned to bourses after a gap of two days helping the benchmark index cut short its losses and post over 150-point gain.
PTI | By HT Correspondent, Mumbai
UPDATED ON MAY 22, 2009 05:45 PM IST

Ahead of formation of new government at Centre, institutional investors returned to bourses after a gap of two days helping the benchmark index cut short its losses and post over 150-point gain.

On speculation that economic reforms will get a boost from the new UPA government led by Manmohan Singh, the bellwether index spurted by 150.61 points at 13,887.15. During intra-day it just missed the key 14,000-level at 1,3,936.93.

Today's gains come after losing a hefty 565 points in last two sessions.

National Stock Exchange index Nifty also rose by 27.60 points to 4,238.50.

Marketmen said trade today was volatile ahead of the formation of new government and allocation of portfolios. Overall, it has been a wonderful week for bourses, they added "This week's rally of over 14 per cent is biggest ever since 1992," said Rajiv Malik of RNM Financial Services.

Over 14 percent gain this week is its sharpest advance since the week ended March 27, 1992.

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