Sensex up 331 points as inflation eases
Friday, August 29, 2008 at 11:08 am Under Indian Stock Market 10 views
The Bombay Stock Exchange benchmark Sensex rose by 331 points in early trade today on emergence of buying by funds and retail investors after inflation eased to 12.40 per cent amid firm global markets.
The 30-share index, which had lost 248.45 points yesterday, recovered by 330.99 points to 14,379.33 on heavy buying in stocks led by capital goods, metals, banking and realty sectors.
Similarly, the National Stock Exchange’s index Nifty moved up by 94.70 points, or 2.16 per cent to 4,308.70.
Marketmen said, fall in inflation, which dipped to 12.40 per cent for the week ended August 16, and firm trends in global markets mainly buoyed the trading sentiments here.
They said fall in crude oil prices in the overseas markets, which dropped to 117 US dollar a barrel, was another positive factor.
Major gainers, which attributed the rise in the Sensex were Reliance Industries, Reliance Infra, RCom, BHEL, Larsen and Toubro, HDFC Bank, ICICI Bank, State Bank of India, HDFC Ltd, Grasim Industries, Tata Steel, DLF Ltd, ONGC, Satyam Computers, Infosys Technologies, Wipro, Tata Consultancy and Bharti Airtel.
Meanwhile, Hong Kong’s Hang Seng index opened up by two per cent, tracking Wall Street gains that accompanied another drop in oil prices.
(Agencies)
( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)
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