Sensex gains 571 points, closes at 10,536 mark

Mumbai, Nov 10: The Sensex on Monday, Nov 10 again crossed the 10k and ended firm at 10,536.16 on the Bombay Stock Exchange (BSE) with a big gain of 571.87 points on heavy speculative demand in select stocks from mutual funds and positive global cues.

The Nifty index of National Stock Exchange (NSE) was also quoted above the 3100 mark and closed at 3,148.25, surging by 175.25 points from it last close of 2973.00. Huge buying in metal, power, capital goods, and oil stocks propelled the markets northbound. Buying was also seen in realty, banking, telecom, and technology stocks. Sterlite, Tata Steel, and Hindalco were up between 11 and 14 per cent. Goldman Sachs today cut its economic growth outlook for India to 6.7 per cent from 9 pc due to the knock-on effects of the global financial crisis. It also cut its growth projection for the year ending March 2010 (FY 2010) to 5.8 pc from 7 pc.

On the global front, European markets are trading strong. FTSE, DAX and CAC surged 3-4 per cent while Asian markets closed strong due to China's USD 586 billion economic stimulus package. Shanghai went up 7.27 per cent, Nikkei rose 5.81 pc, Hang Seng jumped 3.52 pc. Straits Times and Kospi rose 1-1.5 pc, which helped to boost sentiments on the Indian bources, brokers added.

The Sensex resumed above 10,000 mark at 10,154.56. later, it recorded the day's high at 10,570.58 and low at 10,095.90 points.

The Nifty index also resumed flat at 2973.30. later it registered the day's high at 3161.25 and a low at 2973.30 points.

The total turnover on the BSE amounted to Rs 3689 crore as compared to Rs 2644 crore during the last session. About 1881 shares have advanced, 1093 shares declined, and 218 shares are unchanged.

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