Date:08/07/2008 URL: http://www.thehindu.com/2008/07/08/stories/2008070855241700.htm

Business

Markets gain on firm global cues

MUMBAI: Markets closed in positive terrain for the second day in a row on Monday, after days of persistent selling in which the Sensex had plunged to even 12000 level, with BSE barometer gaining a moderate over 70 points on the back of strong global cues and hopes of political stability. The 30-share Sensex on the Bombay Stock Exchange settled the day at 13525.99, a rise of 71.99 points against its previous close.

In choppy deals, the bellwether Sensex surged to day’s high level of 13793.39 points but as every rise was met with profit-booking, the Sensex ended with a paltry gain.

The key index fell to intra-day low of 13475.78 before winding up at 13525.99.

Similarly, the 50-share index of the National Stock Exchange ended higher to close at 4030. They said investors seemed optimistic as worries over political developments have eased following Samajwadi Party’s assurance of support to the Congress-led United Progressive Alliance Government to its stand on nuclear deal. — PTI