Value buying buoys markets; Sensex closes 291 points up
Mumbai, Aug 25 (IANS) Strong economic fundamentals, value buying and attractive valuations boosted investor confidence in the Indian equity market – leading a barometer index to provisionally close with gains of 291 points on Tuesday.
The investor confidence seemed to be returning a day after the mayhem in global financial markets and a crash in China which spooked the key Mumbai index into shedding some 1,625 points, or nearly 6 percent.
The barometer 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 25,916.26 points, provisionally closed at 26,032.38 points (at 3.40 p.m.), up 290.82 points or 1.13 percent from its previous close at 25,741.56 points.
The Sensex touched a high of 26,124.83 points and a low of 25,298.42 points during intra-day trade.
A similar trend played out at the the National Stock Exchange (NSE), where the broader 50-share CNX Nifty made gains during intra-day trade.
The 50-scrip Nifty of the NSE provisionally closed higher at 7,880.70 points, with a gain of 72 points, or 0.92 percent.