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Sensex up 17 points at closing

The benchmark BSE Sensex ended 17 points higher in volatile trade on Monday on late buying by funds and retailers in traditional economy stocks.

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Updated at 4:18 pm

MUMBAI: The benchmark BSE Sensex ended 17 points higher in volatile trade on Monday on late buying by funds and retailers in traditional economy stocks, triggered by a cut in freight rates for diesel, petrol and iron ore in the railway budget.

The 30-share index, which had lost more than 770 points in the past four trading sessions in a row, crashed by nearly 210 points at mid-session but staged a solid comeback on emergence of buying at lower levels and closed 16.99 points up at 13,649.52. It moved between 13,723.40 and 13,383.88.

Similarly, the NSE wide-based Nifty index ended 3.05 points higher at 3,942.00 after hitting an intra-session low of 3,856.70 and a high of 3,958.90.

Stock brokers said a five per cent cut in freight rates for diesel, petrol and six per cent reduction on minerals, including iron ore and limestone proposed in the Railway budget, fuelled late buying, particularly in steel and cement sector stocks.

Steel giant Tata Steel's scrip moved up by Rs 9.75 or almost 2 per cent at Rs 470 while cement major ACC counter went up by Rs 28.10, or 3 per cent at Rs 942.55.

MUMBAI: After remaining in negative zone for four straight sessions, the Bombay Stock Exchange benchmark, Sensex, recovered by over 90 points in early trade on Monday on the back of selective buying in blue-chip stocks.

The 30-share index, which had lost more than 770 points in the past four sessions, was up by 90.87 points at 13,723.40 in the first five minutes of trading.

Similarly, the National Stock Exchange Nifty rose by 19.35 points at 3,958.30.

Market observers said expectation of a cut in freight rates likely to be proposed in the Railway budget and reports of firming Asian markets triggered fresh buying activity.

The major support to Sensex came in from stocks like Maruti Udyog, MTNL, Reliance Energy, Reliance Capital, State Bank of India, Tata Steel and Satyam Computers.

Meanwhile, stocks of Transwarranty and C and C Constructions were listed on the bourses.

Transwarranty Finance opened higher at Rs 63 against the offered price of Rs 52, while C and C Construction after commencing higher at Rs 350 dipped to Rs 244.05 against offered price of Rs 291.

 

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