Eight months after, Sensex touches 18,000 mark
Mumbai: More than six months after Sensex jumped 147 points to close above 18,000 level on Wednesday. Rising hopes that muted growth in July IIP will force RBI to cut interest rates and amid reports that Germany’s top court has backed a new EU bailout fund has helped sensex to get this mark..
Industrial production growth rate slowed to just 0.1 percent cent in July due to poor show by manufacturing, mining and capital goods sectors.
As many as 21 stocks in Sensex closed with gains. Tata Motors which rose 5.3 percent led the winners, followed by Jindal Steel (3.8 pc), Coal India (2.9 pc) and L&T (2.8 pc).
Brokers said the domestic market received a further boost as Asian and European shares jumped after Germany’s top constitutional court allowed the country to ratify the euro-area bailout fund with certain conditions.
The broad-based National Stock Exchange index Nifty closed 41 points, or 0.76 percent higher at 5,431.
Traders said airline shares extended gains on hopes of permission to allow foreign direct investment into the sector. Spicejet, Kingfisher and Jet Airways recorded handsome gains.
