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03-24-2012, 08:12 AM #1
Sensex rebounds as Goldman upgrades outlook for India stocks
The BSE benchmark Sensex on Friday recovered from two-week lows and added over 165 points as investors picked up stocks at attractive levels amid reports of a rating agency upgrading Indian equities.
The Sensex, which had tumbled 405 points on Thursday to touch 2-week lows, gained 165.27 points or 0.96 per cent to 17,361.74 led by realty and IT sectors.
Similarly, NSE 50-scrip index Nifty rose 49.75 points or 0.95 per cent to 5,278.20. It had lost 136 points on Thursday.
Marketmen said the trading sentiment good a boost after reports that Goldman Sachs upgraded Indian equities, saying that domestic growth will pick up, as stock valuations remain "relatively attractive."
They said buying at lower levels after Thursday's steep fall also helped the market.
Reliance Industries rallied 1.02 per cent, while Infosys by 1.44 per cent. The two carry 20 per cent weight on Sensex.
Realty sector index rose 1.61 per cent to 1,790.51, followed by IT index - 1.38 per cent to 6,095.08. Banking index rose 1.27 per cent to 11,860.42.