Date:06/03/2008 URL: http://www.thehindu.com/2008/03/06/stories/2008030660012200.htm

Business

Markets stage pullback rally

MUMBAI: The stock markets staged an impressive rally on Wednesday to snap a four-day losing streak, with the benchmark Sensex bouncing by 202 points after Prime Minister Manmohan Singh’s assurance on price stability this afternoon.

However, the bank and realty shares which had taken a battering on the Bombay Stock Exchange in the past few sessions remained under heavy selling pressure.

Market players noted that Sensex was aided to a large extent by the rise in IT shares, led by Infosys, following the rupee hitting a five-month low of above 40-mark. The 30-share Sensex on the Bombay Stock Exchange ended the day higher at 16542.08.

Rupee gains

The rupee pared its early gains and ended slightly higher at 40.29/30 against the dollar on Wednesday amidst firm stock market and softening of the U.S. currency in the overseas markets.

The rupee moved in a range of 40.21 and 40.37 after resuming weak at 40.33/35 a dollar against Tuesday’s close of 40.31/32 a dollar. — PTI