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  • Sensex snaps four-day fall; up 285 pts as oil prices ease

    Published on February 28, 2012

    Mumbai : Snapping a four-day falling streak, the BSE benchmark index Sensex on Tuesday recovered by 285 points on funds buying in bluechips, led by Reliance Industries, amid firming global trends as oil prices declined.

    The 30-share barometer, which had lost 977 points in last four trading sessions, spurted by 285.37 points, or 1.64 per cent to 17,731.12 points.

    Brokers said easing crude oil prices raised hopes of a stable global economic recovery and cut in policy rates by the Reserve Bank of India which lifted the market.

    The rally was headed by refinery, finance and interest-senstive stocks like realty and capital goods.

    A firming trend in the Asian region and higher opening in Europe boosted by retreating oil prices and positive numbers from the US further supported the market.

    The broad-based National Stock Exchange index Nifty rose by 94.30 points, or 1.79 per cent to 5,375.50.

    The most-heaviest on the benchmark and oil refining major Reliance Industries spurted by 1.90 pc, ONGC by 1.02 pc and Gail India by 0.99 pc as investors felt a fall in crude oil prices might improve corporate earnings.

    The realty sector index gained the most by rising 5.91 per cent.

    The capital goods sector index was second runner up by adding 4.02 pc followed by banking index.

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