Markets rally on global cues; Sensex gains 409 points

Mumbai, Nov 11 (PTI) An upsurge in Asian stocks helped
the markets brush aside concerns of cyclone Phyan hitting
Mumbai and stage an impressive rally of over 400 points on
all-round hectic institutional buying.

Metal and IT stocks were picks of the day. Market leader
Reliance Industries gaining for the second day in succession
further buoyed the sentiment. RIL closed higher by 2.70 per
cent. Software exporters Infosys and TCS spurted by 3.24 per
cent and 2.61 per cent respectively in anticipation of swift
recovery in global economy.
Shrugging off the hesitancy at the outset, the Bombay
Stock Exchange 30-share Sensex closed the day at nearly three-
-week high of 16,849.60, netting a rise of 409.04 points or
2.49 per cent over its previous close.
However, marketmen said this is no reason for saying
cheers. "It is all money game on the streets at present. The
market is not moving as per fundamentals. The kind of
volatility we are seeing for the past four-five days are not
desirable for the healthy development of market... At any
point, 400-500 points intra-day fluctuation is not good," said
Sahara MF Chief Executive Naresh Garg.
Brokers said the rally is also linked to a sharp fall in
dollar value, which fell to nearly a 15-month low, leading to
a surge in world stocks during the day. Taking cue from
softening of dollar, metal stocks in local bourses surged. The
sectoral index posted a gain of 4.27 per cent. MORE PTI JCG
ANU


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