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Sensex spurts by 72 points

MUMBAI MARCH 20. The benchmark Bombay Stock Exchange sensitive index spurted by a whopping 71.75 points to close at 3192.93 today following hectic all round short-covering after the U.S.-led forces launched air strikes against Iraq and cut-short months of uncertainty.

Investors, lured by attractive valuations after two weeks of sustained weakness, bought shares across the spectrum on the belief that the war would be short and decisive, a dealer said adding, "Sentiment remained upbeat for further gains in the near term".

Led by heavyweights such as Infosys Technologies and RIL, equities rallied sharply on heavy foreign institutional investors buying, pushing the Sensex up by 71.75 points, the largest single day gain in the current calendar year.

The market was factoring in a reasonably short war, which would not reasonably disrupt the global economy, dealers said.

After resuming slightly lower at 3118.80, the BSE-30 share sensitive index steadily moved to a high of 3197.66 before concluding at 3192.93, a spurt of 71.75 points, or 2.30 per cent.

Falling oil prices, coupled with a positive reaction from global markets have improved the confidence level of the general investing fraternity, marketmen said.

International crude oil prices dipped to 13-week low. The NYMEX crude oil dropped to $28.48 a barrel before settling at $28.56 in late trading. — PTI

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