The stock markets staged an impressive rally today to snap a four-day losing streak, with the benchmark Sensex bouncing by 202 points after Prime Minister Manmohan Singh's assurance on price stability this afternoon.
However, the bank and realty shares which had taken a battering on the Bombay Stock Exchange in the past few sessions remained under heavy selling pressure. Market players noted that Sensex was aided to a large extend by the rise IT shares, led by heavyweight Infosys Technologies, following the rupee hitting a five-month low of above 40-mark. They said most of the IT companies earn more than 50 per cent of their revenues from the US. Rupee depreciation would indeed better their bottom line, they added.
Today, the 30-share Sensex on the Bombay Stock Exchange ended the day higher at 16,542.08, a gain of 202.19 points or 1.24 per cent, over its previous close. IT stocks The National Stock Exchange's S&P CNX Nifty also gained 57.15 points, or 1.17 per cent, to close at 4,921.40 from its last close of 4,864.25. The small-cap and mid-cap segments on BSE also witnessed selling pressure and both the indices ended lower by 68.05 points, or 0.95 per cent, and 143.49 points, or 1.60 per cent. Heavyweight stocks such as RIL, ONGC, Tata Steel, HDFC, Infosys Tech, Satyam Computers, Wipro, TCS Ltd, Maruti Suzuki, Hindalco, Grasim and NTPC scored impressive gains.
Source: Sahara Samay
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