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| Stock market bounces back; Sensex vaults 149 pts, hits 15k | | | Mumbai, Aug 13 The stock market showed resilience and bounced by 149 points today on emergence of buying support prompted by some stability in Asian stocks that were battered last week after the US subprime crisis spread to Europe.
The Bombay Stock Exchange (BSE) 30-share sensitive index Sensex moved past the psychological 15K level to a high of 15,044.74 and ended at 15,017.21, a gain of 148.96 points over Friday's close of 14,868.25 points.
The BSE barometer had fallen by 440 points or 2.87 per cent in high volatility in the previous two sessions following the turmoil in global markets.
Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) recovered by 40.35 points or 0.93 per cent to close at 4,373.65 from previous close of 4,333.35.
The rally was largely powered by cement shares, which surged following a rise in cement dispatches in July. Auto and FMCG stocks were also in keen demand.
Asian stocks witnessed some stability after the biggest drop in five months as many central banks moved in to ease a credit crunch caused by losses on higher risk mortgages.
Key indices in Japan, Hong Kong, Singapore, South Korea and China ended up by 0.2 per cent to 1.5 per cent.
Heavyweighted stocks RIL, Bharti Airtel, Reliance Communication, Tata Motors, Maurti Udyog, Mahindra & Mahindra, Hindustan Unilever, Grasim, ACC, ACL, ICICI Bank and HDFC scored impressive gains.
Foreign Institutional Investors (FIIs) were believed to be covering short positions after their panic withdrawals last week
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