Sensex recovers 363 points in evening trade
The Bombay Stock Exchange benchmark Sensex recovered sharply in the pre-close trading on Friday by gaining over 363 points on reports of inflation rate easing which encouraged funds to buy.
The Sensex, which commenced the day lower by 331 points, recovered sharply to trade higher by 363.89 points at 18,070.52 at 1430 hours.
The second wide-based National Stock Exchange index Nifty raised by 101.10 points at 5,303.10 with all the index-linked stocks moving up.
Buying activity picked up after reports that inflation rate has declined to 4.07 per cent for the week ended on February 2 against 4.11 per cent in the previous week, mainly due to fall in prices of some food items, jet fuel, and select manufactured goods.
Trading sentiment was further boosted on reports of Prime Minister Manmohan Singh asserting that government will take steps to limit the impact of any global slowdown on India.
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- Meenakshi Mallik, the airline’s commercial director who spearheaded the ambitious attempt to take over the state-run carrier, said in a three-page letter to employees that the consortium was not shortlisted.
- With 59 vessels and 3,281 staff, SCI is the largest Indian shipping company in terms of capacity
- China said it acknowledges India’s efforts to enhance competitiveness in manufacturing and services sectors through ‘Make In India’ and ‘Digital India’ initiatives but remains concerned that some of the measures are not consistent with WTO principles.
- Rallying crude may also complicate the Reserve Bank’s plan to tame inflationary pressures and spur economic growth
- The revenue in March may cross the record Rs.1,19,875 crore collected in January by at least Rs.10,000 crore.
- After fighting multiple bouts of volatility during the session, the BSE gauge Sensex settled 35.75 points or 0.07 per cent higher at 50,441.07.