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Sensex gains in choppy trade; stress test results eyed

May 7, 2009

The BSE Sensex closed 1.37 percent higher on Thursday, tracking a rally in global markets on ebbing concerns about the health of the financial sector and the global economy.


Trade was volatile and the benchmark closed 164.19 points higher at 12,116.94, while the Nifty ended 1.62 percent higher at 3,683.90.

The rise in the Sensex was led by Reliance Industries, Sterlite Industries and HDFC.

IT stocks fell for the second straight day on the U.S. government’s tax plans but managed to close 0.06 pct higher, but analysts believe that the outsourcing benefit may be more than the tax paid by U.S. companies. TCS was down 0.4 percent and Infosy shed 0.8 percent.

On the sectoral front, the BSE Metal Index gained nearly 8.2 percent. This was followed by the Realty Index which ended up 1.9 percent. However, the BSE FMCG Index ended lower at 0.71 percent.

In today’s trade, FIIs bought net $139.10 million in shares and sold $28.8 million in debt.

On the global front, investors saw some encouraging signs about the health of U.S. banks and the global economy, but the stress tests today will be watched as 19 large U.S. banks are expected to need more capital to weather a deep recession.

Do you think today’s results on the stress tests will impact Indian markets

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