|
Fri, 29th Aug 2008  Heavy buying by funds on easing inflation concerns on Friday, propelled the Bombay Stock Exchange (BSE) benchmark Sensex higher by over 500 points at mid-session.
Building on a good start, the Sensex added 501.23 points at 14,549.57 at 1300 hrs, following a steep rise in heavy-weight stocks led by banking and capital goods.
Brokers said the market was cheerful after inflation eased to 12.40 per cent from 12.63 for the week ended on August 16.
The markets, however, ignored a slower 7.9 per cent GDP growth figure in the first quarter, as it was anticipated on the back of a tight monetary policy by RBI.
Finance Minister P Chidambaram was also upbeat about the growth prospects and said, "I am confident that this year too, we will be more or less correct on our assessment of GDP growth, and the economy will grow close to 8 per cent."
Meanwhile, the wide-based National Stock Exchange index Nifty rose by 143.40 points at 4,357.40 at the same time.  |
