Sensex perks up on rising market expectations

Mumbai, June 1 (PTI) Growing optimism about pro-industry
steps by the Indian government and steady economic growth
lifted the benchmark Sensex to nearly a nine-month high of
14,840.63 Monday as the upbeat mood gathered momentum on
Indian bourses.

Despite the fall in exports for the seventh consecutive
month, investors stayed enthusiastic with signs of recovery in
economy with prospects of growth in manufacturing.

Market sentiment was also boosted by strong global cues
and sustained capital inflows into equity.

The Bombay Stock Exchange 30-share barometer settled the
day at 14,840.63, netting a rise of 215.38 points or 1.47 per
cent from its previous close.

Brokers said the market remained upbeat on strong
optimism that the post-election political stability will lead
to pro-industry proposals and faster economic reforms in the
forthcoming full-budget, to be presented early next month.

SMC Global Vice-President Rajesh Jain said: "The market
was quite strong Monday ... Overall the trend in the market is
positive and the US futures markets are also trading in the
positive terrain despite news of GM filing for bankruptcy."

The broader 50-share Nifty of the National Stock Exchange
also gained 80.95 points or 1.82 per cent to close at 4,529.90
from its last close.

Asian indices ended up by about 1.0 to 4.0 per cent after
surveys showed a moderate expansion in Chinese manufacturing.

Tata Steel shone with a 7.79 per cent jump after Tata
Steel UK got approval from banks to ease conditions on a 3.7
billion pound loan taken to buy Anglo-Dutch Corus.

Other major gainers were Sterlite Ind (6.75 per cent),
ACC (6.40 per cent), NTPC (6.17 per cent), Jaiprakash (6.12
per cent), Mahindra & Mahindra (5.25 per cent), HDFC (5.16 per
cent), ITC (5.04 per cent), Reliance Comm (4.89 per cent),
Infosys Tech (4.67 per cent) and Wipro (4.23 per cent).

However, ICICI Bank shed 2.36 per cent, BHEL 2.27 per
cent, Bharti Airtel 1.67 per cent and Ranbaxy 1.51 per cent.

Among sectoral indices, the BSE realty index strengthened
5.65 per cent, the BSE metal index 5.32 per cent and the
BSE IT index 3.95 per cent.

However, the bankex was down 0.85 per cent and the BSE
healthcare closed virtually flat. PTI JCG
AM
NNNN






The information contained in this electronic message and any attachments to this
message are intended for the exclusive
use of the addressee(s) and may contain proprietary, confidential or privileged
information. If you are not the intended
recipient, you should not disseminate, distribute or copy this e-mail. Please
notify the sender immediately and destroy
all copies of this message and any attachments contained in it.