By NNN-PTI,
Mumbai : The Bombay Stock Exchange bellwether Sensex gained 230 points in a choppy trade Friday, ending a two-day falling streak, on the back of encouraging global cues and a rise in infrastructure output in September, though closed the week short of 10,000-point mark.
The market sentiment was also boosted by an impressive 75 basis point cut in prime lending rate by several public sector banks even as global equity markets bounced after Bank of England and European central bank Thursday slashed key rates by 1.5 per cent and 0.50 per cent, respectively.
The BSE barometer settled the day at 9,964.29, a net rise of 230.07 points or 2.36 per cent from its previous close. It had lost 896.90 points or 8.44 per cent in the last two days.
The broader 50-share Nifty of the National Stock Exchange also recovered by 80.35 points or 2.78 per cent to close at 2,973.00 from its last close.
Brokers, however, attributed the recovery to week-end buying support, saying, “The market is still bearish with investors worried about the global recession.” They said a rise in infrastructure growth in September and firm trend in US futures and European markets led a smart recovery in local stocks. Asian markets too recovered from their early lows following a rate cut by world’s two major central banks.
After registering a hefty loss in the last two days, the country’s largest private sector company Reliance Industries recovered by 3.95 per cent.
Reliance Infra was the day’s bright star with a rise of 10.92 per cent.