Date: 2008-10-20 Mumbai: The Bombay Stock Exchange benchmark Sensex today regained the vital 10,000 level with IT and banking stocks leading in attracting good buying support.
Cutting short the three-day losing spree that saw the bellwether index plunging below the 10,000 mark on Friday, the Sensex bounced back by 247.74 points at 10,223.09.
National Stock Exchange index Nifty also shot up by 48.45 points at 3,122.80.
Marketmen said investors judged the benchmark's three-day, 13 per cent drop as excessive and started buying at existing lower level. A firming trend in global stock markets was also an encouraging factor and helped pushing up share prices, they said.
Trading sentiment got a boost by mid-session after the Reserve Bank of India announced a cut in repo rate to benefit borrowers and investors. A reduction in repo rate is expected to result in cheaper credit.
Source: www.mid-day.com
Cutting short the three-day losing spree that saw the bellwether index plunging below the 10,000 mark on Friday, the Sensex bounced back by 247.74 points at 10,223.09.
National Stock Exchange index Nifty also shot up by 48.45 points at 3,122.80.
Marketmen said investors judged the benchmark's three-day, 13 per cent drop as excessive and started buying at existing lower level. A firming trend in global stock markets was also an encouraging factor and helped pushing up share prices, they said.
Trading sentiment got a boost by mid-session after the Reserve Bank of India announced a cut in repo rate to benefit borrowers and investors. A reduction in repo rate is expected to result in cheaper credit.
Source: www.mid-day.com
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