Sensex rallies by 228 points closes at 15,318

The stock market rose sharply on Friday tracking strong Asian markets.

The Bombay Stock Exchange barometer opened firm at 15,131.36 and gradually moved upwards to 15,350.14, up 228.40 points.

Similarly, the broad-based S&P CNX Nifty of the NSE spurted by 54.20 points at 4,466.50 from previous close of 4,412.30.

Marketmen said major support to the market came from some of the heavy weight stocks in metal and auto sectors. A better trend in Asian stock markets also boosted the market sentiment, they added.

Mahindra & Mahindra, the country’s top tractor maker by sales, rallied 4.50% to Rs 705.55, off its day’s high of Rs 722.15. In the past seven trading sessions till 30 August 2007, the stock had soared 10.30% to Rs 675.15, riding on reports that it is conducting due diligence on Jaguar and Land Rover, put up for sale by Ford. Other potential bidders include private equity groups TPG Capital, Cerberus Capital Management, Ripplewood Holdings, One Equity Partners and Tata Motors.

All the European markets, which opened after the Indian markets, were trading higher. Key benchmark indices in United Kingdom (up 0.52% to 6,244.38), Germany (up 0.38% to 7,548.33), and France (up 0.72% to 5,632.79), gained.

All the Asian markets settled higher today, 31 August 2007. Japan's Nikkei (up 2.57% at 16,569.09), Taiwan's Taiwan Weighted (up 2.41% at 8,982.16), Hong Kong's Hang Seng (up 2.13% at 23,984.14), Shanghai Composite (up 0.99% to 5,218.82), Singapore's Straits Times (up 2.16% at 3,392.91), and South Korea's Seoul Composite (up 1.71% at 1,873.24), all edged higher

Crude oil prices steadied on Friday, 31 August 2007, as concerns over low oil stocks in the United States were compounded by a possible tropical storm forming in the Atlantic. US crude rose 24 cents to $73.60 a barrel while London Brent was up 21 cents at $72.11 a barrel.

The BSE Sensex surged 957 points, or 6.76%, in four trading sessions, from its 14,163.98 on 23 August 2007 to 15,121.74 on 30 August 2007