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Rupee's ascent, global uptrend help Sensex spurt 105 points; 2989.60

The Bombay Stock Exchange Sensex staged a remarkable recovery of 105 points following heavy short-covering by market players in the index-based scrips.

Encouraged by the record recovery by Indian rupee due to the number of measures by the Reserve Bank of India which brought back the rupee below the 43 level against US dollar made market players participate aggressively in trading. The uptrend in world markets and a firm GDR market aided the trend, market sources said.

Reflecting the bullish phase, 30-scrip BSE Sensex opened at 2991.85 points, touched the day's high of 2991.85 points, touched the day's low of 2885.17 points and finally ended at 2989.60 points, showing a net gain of 105.01 points over the previous close of 2884.59 points.

Navin Agrawal, analyst at the SVS Securities however said that today's rally can be called as a technical rally, since increase in CRR is basically bad for market. ''We will be able to say something tomorrow.''

Agrawal attributed the rally to the heavy short-covering by marketmen. He said that the statement made by Chinese senior official ruling out devaluation of Chinese yuan in the next two years had a positive impact on the market.

The broad-based BSE-100 index gained by 42.88 points to 1336.37 points against the previous close of 1293.49 points.

The BSE-200 and Dollex indices closed higher by 9.10 and 5.37 points to 309.70 and 120.61 points against the previous close 300.54 and 115.24 points respectively.

The business volume on the BSE clocked over Rs 10 billion at Rs 11.34 billion, ITC topped the list of turnover by registering highest turnover of Rs 2.25 billion, followed by Satyam Computers Rs 2.03 billion, Reliance Rs 1.04 billion and Zee Telefilms Rs 847.5 million.

Other actively traded scrips were Pentafour Software Rs 789 million, SBI Rs 715.9 million, Tata Tea Rs 258.2 million, BHEL Rs 228.2 million, Infosys Tech Rs 202.5 million, Telco Rs 196 million, Castrol India Rs 195.9 million, Gujarat Ambuja Rs 171.1 million, Dr Reddy's Rs 163.1 million, ACC Rs 153 million and MTNL Rs 106.9 million.

Among the major gainers, ITC registered an increase of Rs 31 to Rs 615.75, Satyam Computers by Rs 20.95 to Rs 507.20, Reliance was up by Rs 8.80 to Rs 119.20, Pentafour Software gained smartly by Rs 48.50 to Rs 657.25, SBI by Rs 9.90 to Rs 194, Tata Tea by Rs 10.10 to Rs 290, Infosys Tech jumped up by Rs 64.75 to Rs 2598.50, Telco climbed up by Rs 3.50 to Rs 145, Dr Reddy's by Rs 16.50 to Rs 491.50, ACC gained by Rs 13.50 to Rs 1128.50 and MTNL added Rs 11 to Rs 187.70.

UNI