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This is an archive article published on May 28, 2009
Sensex up 186 pts on recovery hopes
Sentiment continued to be bullish at the BSE when Sensex rose to a week's high on Thursday.
Sentiment continued to be bullish at the BSE when the benchmark Sensex rose to a week’s high on Thursday,adding over 186 points on reports that the economy is in recovery mode amid brokers covering pending positions on the expiry of the May contract in derivatives.
The Sensex,which gained 520 points in the previous day’s trading,rose further by 186.37 points at 14,296.01 after touching the day’s high of 14,377.23. The current closing level matched that of May 19.
The 50-share National Stock Exchange index rose by 61.05 points at 4,337.10,after touching a high of 4,354.85.
It gained 160 points in the previous day’s trading.
The rally was backed by a rise in share prices of metal firms,PSUs and banks with the finance minister indicating an interest rate cut and firming trends in global metal markets.
The upsurge was sparked after UBS and Standard Chartered said the economy is showing signs of recovery.
The metal index gained the most,2.76 per cent,to end at 10,549.95,followed by the PSU index,by 2.34 per cent to 8,158.38. The banking index shot up by 1.81 per cent to 8,162.73.
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