Market cheers oil slide; Sensex closes 550 points up

Market cheers oil slide; Sensex closes 550 points up

Equities closed sharply higher on Tuesday led by surge in interest-rate sensitive sectors after international oil prices tumbled to a low of $105.46 per barrel.

Bombay Stock Exchange’s Sensex closed at 15,049.86, up 551.35 points or 3.80 per cent. It touched a high of 15,106.15 and low of 14,543.21. National Stock Exchange’s Nifty ended at 4504.00, up 155.35 points. The 50-share index touched an intra-day high of 4522.40 and intra-day low of 4343.10.

BSE Midcap Index closed 1.66 per cent higher at 5,837.01 and BSE Smallcap Index ended at 6,982.39, higher by 1.32 per cent. State Bank of India (7.44%), ICICI Bank (7.34%), DLF (7.14%), ONGC (6.97%), Jaiprakash Associates (6.83%) were amongst the major Sensex gainers. Ranbaxy Laboratories (-1.89%) and Tata Motors (-1.82%) were the only losers. Market breadth was positive on the BSE with 1675 advances against 986 declines. In Europe, oil prices rebounded to $108.24 per barrel after plunging to $105.46 per barrel on concerns of fall in global demand and as worries on hurricane Gustav eased.

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Source: ET, Sify, BS.