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  • Sensex rises to 160 points on all-round buying

    Published on December 1, 2010

    All round buying on the back of heavy bidding by foreign funds to the initial public offer of state-run manganese producer MOIL and robust Q2 September 2010 GDP growth data have pushed up the BSE benchmark sensex by 160 in the early trade.

    The Indian economy grew a robust 8.9 pc year-on-year in Q2 September 2010, boosted by increased in farm output and manufacturing, as per the government data released on Tuesday.

    Further, Finance Minister Pranab Mukherjee on Tuesday said GDP for this fiscal year may grow by 8.5 – 8.75 per cent, more than the previous estimates by the government.

    Buoyed by the news, the BSE benchmark Sensex shot up by 160.28 points or 0.82 per cent to 19,681.53 at 1015 hours from its last close.

    The NSE 50-share index Nifty also moved up by 48.90 points or 0.83 per cent to 5,911.60.

    However, Asian stocks showed in a mixed trend in the early trade due to an overnight fall on Wall Street following worries over European debt troubles and geopolitical tensions on the Korean peninsula weighed on sentiment.

    Key benchmark indices in Singapore, China, Hong Kong, Taiwan fell between 0.02 per cent to 0.41 per cent while indices in South Korea, Japan and Indonesia moved up between 0.42 per cent to 1.17 per cent.