Sensex recovers by 277 pts on firm global cues
The Bombay Stock Exchange 30-share Sensex moved in the range of 9,342.47 and 9,125.65 before concluding the day at 9,323.59, a net gain of 276.85 points.business Updated: Jan 17, 2009 10:07 IST
The Indian bourses got a boost from firm trends in global markets as well as a smart rise in the Reliance Industries Ltd (RIL) stock, which has the highest weight in the Sensex, helping the benchmark Sensex to spurt by 277 points.
The Bombay Stock Exchange 30-share Sensex moved in the range of 9,342.47 and 9,125.65 before concluding the day at 9,323.59, a net gain of 276.85 points or 3.06 per cent over the previous close.
Refinery counters, led by RIL, were major gainers. RIL shot up by Rs 75.05 or 6.56 per cent, mainly contributing to the index gains.
Stocks of power, metal and public sector undertakings (PSUs) were in keen demand while realty shares were at the receiving end on distress selling.
On Thursday, the Sensex had tumbled by 324 points or 3.46 per cent.
The broader 50-share Nifty of the National Stock Exchange also went up by 91.75 points or 3.35 per cent to 2,828.45 from the last close.
Asian indices ended up by 0.1-2.6 per cent while European markets were trading higher by nearly two per cent in early trade due to recovery on Wall Street on Thursday.
Expectations of more government help to salvage the deepening financial crisis in the US led the recovery in American share markets on Thursday.
US officials decided to support the ailing Bank of America by injecting USD 20 million and also unveiled a plan worth USD 825 billion to support the economy.