Stronger Re boosts BSE

MUMBAI, JAN 19: Pivotals led by bank shares spurted on the BSE today on speculative support boosted by a stronger rupee and rebounding Asian markets. Sensex jumped by 98 points. The sentiment was also helped by RBI’s removal of curbs on purchases by foreign funds in SBI and HDFC. The closing rates showed widespread modest to sizeable gains. The volume of business remained brisk. The closing undertone appeared cheerful.

The BSE sensitive index opened at 3383.89 and firmed up to the intra-day of 3484.77 before closing at 3480.86 with a sizeable gain of 98.54 points compared to the previous level of 3382.32. The BSE-100 also closed with handsome gain of 38.96 points at 1516.66 from the previous level of 1477.70.Brokers said that the new account started steady despite lower badla charges and turned bullish after the mid-session on increased speculative support. Banking scrips attracted good demand from domestic institutions and brokers. FIIs were passive buyers in today’s trading.

On the NSE share prices improved further on increased speculative buying. Select scrips found good support from foreign funds.The NSE-50 index opened higher at 998.30 and rose further sharply to 1019.75 and closed at 1017.25, showing a rise of 19.45 over the last close of 997.80. The Midcap index resumed better at 1147.25 and after touching a high of 1150.30, finished at 1147.80, disclosing a moderate gain of 0.90 over the last close of 1146.90. The market displayed a total turnover of Rs 1,281.70 crore.