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Reply #6: south asia: Sensex rallies 472 points on global cues; regains 16K level [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-28-11 07:14 AM
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6. south asia: Sensex rallies 472 points on global cues; regains 16K level

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Monday rallied 472 points to regain the crucial 16,000 mark after a week amid firm global markets and investor hopes of more economic reforms following the government move to allow FDI in multi-brand retail.

The Sensex, which touched two-year low last week under tremendous selling pressure, spurted 471.70 points, or 3.01 per cent to 16,167.13. The gauge had fallen below 16,000 level on November 21.

On similar lines, the broad-based National Stock Exchange index Nifty shot up 141.25 or 3 per cent to 4,851.30 led by blue-chips like Reliance Industries, Infosys, Tata Motors, Tata Steel and Tata Consultancy Services.

Brokers said that despite political opposition to the move, government's decision to open up the retail sector to greater FDI inflows, particularly 51 per cent holding in multi-brand retail has raised hopes that more such reforms could follow.
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