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Wednesday, May 13, 2009

Sensex gains 475 points

MUMBAI: HDFC and Wipro were the highest gainers among the Sensex stocks as the Bombay Stock Exchange benchmark index ended sharply higher by 475 points at 12158.03, the year’s second-biggest rally, after shrugging off early losses.

Although uncertainty over government formation after the Lok Sabha results continued to weigh on the domestic bourses at the initial stages, a rally in key blue chip counters helped the Sensex make good its early losses on renewed buying by foreign funds.

Tracking weak global cues in early trade, the BSE 30-share index resumed lower at 11629.97 but rebounded to settle at 12158.03, a net rise of 475.04 points or 4.07 per cent. In the last two sessions, it was down by nearly 434 points or 3.58 per cent.

In the Sensex pack, HDFC zoomed 7.66 per cent, Wipro 7.40 per cent, ICICI Bank 6.72 per cent, Bharti Airtel 6.23 per cent, Infosys 5.51 per cent, RIL 5.32 per cent, Hindalco 5.31 per cent and BHEL 5.12 per cent.

The 50-share Nifty of the National Stock Exchange recouped 126.50 points or 3.56 per cent to 3681.10 from the last close.

Reliance Industries jumped 5.32 per cent to its highest in almost eight months. The IT sector index gained the most, by 5.19 per cent, to 2836.77, as Infosys, which relies on overseas markets for more than 98 per cent of its sales, climbed 5.51 per cent to Rs. 1,597.95. Wipro, which counts on overseas customers for more than 75 per cent of revenue, gained 7.40 per cent to Rs. 375.25.

Asian indices displayed a mixed pattern of trading at close.

Rupee recovers 20 paise

Positive cues from domestic equity markets helped the rupee recover 20 paise and close at 49.30/31 against the dollar, breaking two sessions of decline. It moved in a range of 49.23 and 49.71.A weak dollar overseas against its major rivals also boosted rupee sentiment. The rupee closed at 49.50/52 on Monday. — PTI

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