Sensex bounces back on Asian recovery
10 May 2010
The Bombay Stock Exchange benchmark Sensex, as well as the National Stock Exchange's Nifty, recovered in opening trade today, snapping a week-long losing streak on emergence of buying by foreign funds, driven by a firming trend in Asian markets.
The 30-share index, which had lost over 788 points in the previous five sessions, bounced back by 260.06 points, or 1.55 per cent cent, to 17,029.17 points. Likewise, the wide-based Nifty rose 86.05 points, or 1.71 per cent, to 5,104.10 points.
Stocks of oil and gas, metals, realty, capital goods and banking sectors were back in the positive zone.
Brokers said trading sentiments turned better largely on the back of a strong recovery on Asian bourses on reports that the European Union had agreed on a 500 billion euro ($638 billion) emergency fund to prevent Greece's debt crisis from spreading to other countries.
Among gainers, Reliance Industries was up 1.80 per cent to Rs1,052.50, Infosys Technologies rose 0.66 per cent to Rs2,637, State Bank of India gained 1.87 per cent to Rs2,268, ICICI Bank 2.12 per cent to Rs895, Sterlite Industries 2.57 per cent to Rs732.70, Tata Motors by 2.81 per cent to Rs783.95, and DLF Ltd by 2.16 per cent to Rs291.20.
Meanwhile, Japan's Nikkei was up 1.30 per cent, while Hong Kong's Hang Seng gained 1.11 per cent in morning trade today.