Sensex ends 125 points up
Sunday, 7 February 2010
MUMBAI, Feb 6 (Economic Times): Indian shares snapped a two-day falling streak to close 0.8 per cent higher Saturday buoyed by overnight gains on Wall Street, but investors remained cautious about European debt and the global recovery.
"The market for the shorter term is oversold and Wall Street's recovery added to the rally," said Neeraj Dewan, a director with Quantum Securities in New Delhi.
"There is some bounce back because of this short covering," he said, but added the rise could be short-lived.
"The market can see selling coming back at slightly higher levels Monday or Tuesday due to Europe's debt problems and reversal of dollar carry trade," Dewan said.
The benchmark 30-share BSE Index ended up 0.79 per cent, or 124.72 points, at 15,915.65 in a special 90-minute trading session held by the stock exchanges to help the National Stock Exchange (NSE) test an upgraded trading system.
"The market for the shorter term is oversold and Wall Street's recovery added to the rally," said Neeraj Dewan, a director with Quantum Securities in New Delhi.
"There is some bounce back because of this short covering," he said, but added the rise could be short-lived.
"The market can see selling coming back at slightly higher levels Monday or Tuesday due to Europe's debt problems and reversal of dollar carry trade," Dewan said.
The benchmark 30-share BSE Index ended up 0.79 per cent, or 124.72 points, at 15,915.65 in a special 90-minute trading session held by the stock exchanges to help the National Stock Exchange (NSE) test an upgraded trading system.