The Hindu Business Line : Sensex in no mood for correction

MUMBAI: Domestic and global factors combined to lift the BSE Sensex by 95 points to nearly a ten-month high of 15,103.55 as IT, capital goods and the auto sector kept up the growth tempo. Domestic institutional investors remained heavy sellers in equity for the second successive day despite signs of a recovery in the Indian economy and the government's reforms agenda in key sectors such as financial, infrastructure and realty.

The Sensex rose 94.87 points at 15,103.55, setting the stage for its 13th weekly advance, the longest since August 2005, as capital goods, information technology and the auto sector surged on brisk buying. It touched the day's high of 15,257.30 points.

In a similar fashion, the 50-share National Stock Exchange index Nifty rose by 14.25 points at 4,586.90, after touching the day's high of 4,636.85.

Global markets traded higher on fresh signs of a recovery in the economy after US unemployment insurance dropped for the first time in five months and the European Central Bank kept its benchmark interest rate at one per cent.

“The market was looking to take a correction as the frontline stocks are looking tired, but the market got a boost from the President's assertion that the reforms would be given priority,'' SMC Global Vice-President Rajesh Jain said. - PTI

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