Sensex closes 513 points up on fall in oil prices
24 Jun 2011
Indian equity benchmarks posted a spectacular rally on Friday as investors bet on long positions in heavyweights after a sharp fall in crude oil prices yesterday. The benchmark Sensex added more than 500 points for the first time since March 1st, supported by buying across all sectors. The market managed to recover all its losses posted on Monday due to Indo-Mauritius DTAA treaty.
Likely fuel price revision, duty rejig and talks on under recoveries in the Empowered Group of Ministers (EGoM) meet (today at 7 pm) aided the rally. Even the strong European cues in the second half of trade took the upside further.
The 30-share BSE Sensex closed above the 18,000-mark for the first time in last seven sessions and so as with the Nifty at 5400 level.
Sensex rises 500 pts as investors bet on long positions
The benchmark Sensex rallied nearly 500 points in the afternoon trade, especially ahead of Empowered Group of Ministers (EGoM) meet on fuel price revision.
Even the sharp fall in oil prices in international market and strong European cues on stability in Greece for the time being added more gains to the market.
