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Sensex gains 195 points to regain 13,000 level
The bellwether index advanced by 195.24 points to close the day at 13,055.67, a day after it gained 265 points defying global trends.
Extending its gains for the second straight day the Bombay Stock Exchange benchmark Sensex on Wednesday regained the 13,000-point level, giving credence to the feeling that the market is oversold.
The bellwether index advanced by 195.24 points to close the day at 13,055.67, a day after it gained 265 points defying global trends.
The bellwether Sensex touched the days high 13,203.86 points but pared part of the gains at the fag end of session on profit booking.
Similarly, the 50-share Nifty of the National Stock Exchange rose by 29.55 points or 0.75 per cent to close at 3,950.75 from its last close.
Marketmen said there is renewed hope among investors globally that US lawmakers would reach an agreement on a multi-million package to buy the bad mortgage debts which have claimed many a financial institution in US and Europe as its victims.
Bank stocks hogged the limelight in anticipation of US Senate approving a modified 700 billion-dollar rescue package after incorporating tax cuts and a higher limit for insured bank deposits.
The Sensex on Tuesday bounced by 265 points an assurance by the government that the Indian markets were sound, breaking a three-day sharp losing streak during which the Sensex lost 1,097 points or 8.0 per cent.
The battered IT sector too attracted brisk activity as the American Depository Receipts (ADRs) of Indian IT companies surged on the NASDAQ yesterday. Rupee weakening against the US dollar also boosted IT stocks.
