The stock market rose for the fifth straight day on Thursday with the benchmark BSE Sensex gaining 129 points on strong global cues after US Federal Reserve assured of more steps to limit the impact of subprime crisis.
Market sentiment was bolstered by a global turnaround, prompted by a statement from US Fed CM Ben Bernanke, promising measures to mitigate the adverse effects on the economy. The market also rose as foreign and retail investors rolled over positions to September series.
FIIs as well as local operators were either engaged in roll over of positions to next series of derivatives or in covering shorts at the last day of the Futures & Options (F&O) contract. The roll over was higher at about 70 pc than in July. The Bombay Stock Exchange barometer opened firm at 15,168.69 and gradually moved upwards to the intra-day high of 15,200.81 before ending the day a 15,121.74, a net rise of 128.70 points or 0.86 pc over Wednesday’s close.
Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) spurted by another 53 points or 1.22 pc to close at 4,412.30 from Wednesday’s close of 4,359.30.