Date:17/06/2006 URL: http://www.thehindu.com/2006/06/17/stories/2006061708211700.htm

Business

Sensex gains another 339 points

MUMBAI: A strong global rally coupled with increased retail participation propelled the stock market higher for the second straight day, as the benchmark Sensex gained another 339 points to close at 9884.51.

Euphoric conditions were evident from the Bombay Stock Exchange 30-share sensitive index's (Sensex) 955 points journey in two trading sessions, its fastest.

The Sensex breached the 10000-mark to touch the intra-day high of 10118.28 after opening strong at 9703.06 as the upbeat mood gathered momentum. However, it trimmed the gains partly on profit taking by day-traders and closed the day at 9884.51 against 9545.06, a net rise of 339.45 points or 3.56 per cent. On the National Stock Exchange, the S&P CNX Nifty jumped by 91.55 points or 3.27 per cent to 2890.35.

Increased participation by retail investors could be gauged by improved volume of business during the day.

Operators were believed to be hectically covering short positions in the derivatives market for the last couple of days. Foreign institutional investors too made fairly heavy purchases in the cash segment, market players said.

PTI