Markets in positive terrain: Sensex registers gain of 24.93

Mumbai, May 11 (UNI) The Sensex today registered a modest gain of 24.93 points on the Bombay Stock Exchange to close at 13,796.16 on encouraging industrial production results.

The Sensex opened slightly weaker at 13,691.86 to reach a high of 13,864.18 and a low of 13,554.34 to finally settle in the green at 13,796.16.

Among the broader markets, the S&P CNX Nifty Index opened stronger at 4,070.20 to reach a high of 4,094.65 and a low of 3,981.15 and settled on positive territory at 4,076.65 from its previous close of 4,066.80, a gain of 9.85 points.

Market analysts pointed out that intense volatility characterised the trading session today. Global markets, election results, inflation and industrial production figures, apart from regular institutional activity, were the key events that made the market oscillate either way.

After opening weaker, the BSE Sensitive Index recovered as some buying resumed at lower levels. It surged to a high of 13,864.18, when inflation and industrial production data were released at noon.

Official data released today showed that India's industrial production rose 12.9 per cent per annum in March 2007, from a year earlier, higher than downwardly revised annual growth of 10.8 per cent in February, due to strong manufacturing output. Analysts had forecast annual industrial output growth of 10.40 per cent.

Meanwhile, inflation has further dipped to 5.66 per cent for the week ended April 28, as compared to 5.77 per cent the previous week due to a marginal decline in food prices.

Experts are of the opinion that Foreign Institutional Investors, (FIIs) who have resumed buying on Indian bourses on day before yesterday, may bode well for the markets, though their inflow was a mere Rs 23.30 crore.

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