Strong April IIP numbers lift Sensex by 65 points

Written by Markets Bureau | Mumbai, Jun 12 | Updated: Jun 14 2008, 04:43am hrs
Taking cues from the weak US markets and repo rate hike in India, key indices opened the day on the negative note on Thursday but recovered after index of industrial production (IIP) figures, which stood at 7%, poured in along with positive leads from the European markets. The two key indices - the NSE's Nifty and BSE Sensex - closed above 4,500 and 15,000 respectively.

The 30-share Sensex closed at 15,250.20, gaining 64.88 points or 0.43%. The Nifty surged 15.75 points or 0.35% before finally ending the day at 4,539.35 points.

The Sensex opened the day over 200 points lower at 14,957.53 points compared to its previous closing and hit a low of 14,747.99 points. However, it showed some recovery post mid-session and touched the day's high of 15,270.85 points before finally closing at 15,250.20, extending its positive run for the second day in this week.

Analysts said, "The IIP numbers were above expectations which led to some relief for the markets, after Wednesday's RBI's post-market hour announcement of repo hike. The repo rate hike signals a rise of interest rates in the days to come. Thursday's strong closing could push Nifty higher during Friday's morning session."

Among the sectoral indices, oil and gas, metal and capital goods stocks witnessed most of the buying interest. While auto, healthcare and IT ended the day on the negative note. Among the Sensex shares, 18 surged and 12 fell.