Market buoyed by results, equities stage huge recovery

Market buoyed by results, equities stage huge recovery

Strong cues from global marts help

So much so, the bellwether index of BSE regained the psychological 15,000 mark, while the broader-based Nifty went past the 4,500 level. The six infrastructure industries— crude oil, refining, coal, electricity, cement and steel — together grew at an annual rate of 6.5 per cent in June 2009, faster than the previous month’s rise of 2.8 per cent, data divulged by Government on Thursday afternoon said. The data indicated improved economic activity, in which the infrastructure sector accounts for 26.7 per cent of the country’s industrial output.

Inflation measured by the wholesale price index (WPI) declined 1.17 per cent in the 12 months to July 11, 2009, as compared with the previous week’s annual decline of 1.21 per cent, government data showed.

RBI issuing operational guidelines to facilitate Indian Depository Receipts (IDRs) take-off appears to have contributed to improve the investor sentiment at bourses. Besides, annual monsoon rains  are seeing a revival after a sluggish start also contributed to the uptrend.

Even as all the sectoral indices on BSE logged gains, Maruti Suzuki, ACC and ITC to mention a few Sensex stocks were in forefront of the rally, described as commendable as it was accompanied by higher volume.  BSE’s cash segment turnover amounted to Rs 8,030 crore as compared with Rs 6,672 crore on Wednesday.

The popular Sensex at BSE jumped 387.92 points or 2.61 per cent to close at 15,231.04 points, which is its highest closing since June 12,  2009. The S&P CNX Nifty at NSE was up 124.85 points or 2.84 per cent to settle at 4,523.75 in closing, which is also its highest closing since June 12, 2009.

DH News Service

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