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Week ends on strong note, Sensex gains 2.3 pct

February 6, 2009

Investors were relieved as markets ended with strong gains on the last trading day of the week, tracking rises in Asian bourses. The BSE Sensex gained over 200 points to close at 9301.

Gains were led by heavyweights like Reliance Industries, up 4.4 percent; ICICI Bank, up 4 percent, and Infosys Technologies which rose 2.1 percent.

Amongst sectors, the Oil & Gas Index was the top performer, gaining over 3 percent helped mainly by a jump in Reliance Industries.

Some realty stocks rallied today. Puravankara surged by 17.2 percent while Parsvnath Developers was up 12.3 percent.

Shares in Satyam, which were seen heading south in the last few sessions, managed to close 2.5 percent higher at 47.4 rupees. However, the volumes were not as high as in the previous sessions.

The focus now is on the developments on the new $900-billion U.S. stimulus plan, which will be closely watched for cues. U.S. President Barack Obama has urged action on the bill to stave off a “catastrophe”.

Do you think the U.S. bailout package, if approved, will help financial systems globally? Will our markets rally too?

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