Sensex up by 99.31 points, closes at 16, 415.57

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{image-sensex, big_30052008.jpg}Mumbai, May 30: The Sensex of the Bombay Stock Exchange bounced back to close 99.31 points up at 16,415.57 on reports of better than expected GDP growth in FY08.

The benchmark index made a firm start at 16,454 from its previous close of 16,316.26 and touched a day's high of 16,540.40 on fresh buying interest in the opening trade. However, it failed to sustain high gains and dropped to touch a low at 16,314.99, slipping into the red.The Sensex regained thereafter to finally end on firm note in late trade after the Finance Minister P Chidambaram reportedly assured that Indian economy would succeed to maintain a growth pattern of 8.5-9 per cent and government will take some more measures to rein in Inflation.

Following the similar trend, broader based Nifty index of National Stock Exchange touched a high at 4,908.85 and a low of 4,833.45, before closing with a positive gap of 34.80 at 4,870.10 from its previous close of 4,835.30.

The key indices of Indian bourses trimmed their early gains, though they ended firm after alternate bouts of buying and selling in select blue chips. Inflation for the week ended May 17 touched 8.1 per cent. The market recovered losses after the finance minister yet again assured that the government will take all necessary steps to stem the rise, brokers said.

The government has reported economic growth to 9 per cent in the last fiscal, up from 8.7 per cent estimated earlier. Annual Infaltion rose at 8.1 per cent for the week ended May 17 from 7.82 per cent in the previous week.

At the bourses, the sectorial indices ended the session in a mixed mode on BSE. Midcap was closed slightly up in green at 6,760.54, while Smallcap closed in red at 8,133.04. The NSE's futures&options (F&O) segment turnover was at Rs 35,883.79 crore, lower than Rs 64758.96 crore in the previous session.

A turnover of Rs 5478 crore in the cash segment was quoted on BSE as against Rs 6,230.43 crore a day before. Index frontliners, Reliance Industries fell 2.63 pc at Rs 2401.65, ICICI Bank declined 1.13 pc at Rs 788.30. Mahindra&Mahindra was down 2.26 pc at Rs 592.50, State Bank of India by 1.43 pc at Rs 1443.35 and Reliance Infrastructure was down 1.25pc at Rs 1230.75.

However, Larsen&Toubro rose 3.19pc at Rs 2981.35.

Housing Development Finance Corporation was up 5.59 pc at Rs 2569.15, Ranbaxy Laboratories by 4.77pc at Rs 528.65, Bharat Heavy Electricals by 3.89pc at Rs 1662.15 and HDFC Bank up by 2.53pc at Rs 1357.85, were in the top gainers' list.

Reliance Power traded on a bonus of 3:5 at Rs 235.85. The record date for bonus issue is on Monday, June 2. It clocked the highest turnover of Rs 354.21 crore on the BSE today.


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