The Direct Tax Code, good industrial
production data and the Free Trade Agreement with ASEAN sent
the markets soaring on Thursday as the BSE benchmark Sensex gained
the most in six weeks, adding over 498 points.
The Bombay Stock Exchange benchmark
recovered sharply by gaining over 308 points in early trade
on Thursday on emergence of buying at lower levels triggered by an
attractive industrial data and firming global trend.
Riding on superior technology
and FII preference, the National Stock Exchange is expected to
surpass its older counterpart, the Bombay Stock Exchange, in
market capitalisation this year for the first time in history.
As many as eight firms among the country`s top 10 companies lost Rs 35,020.77 crore from their market capitalisation in the past week, while Reliance Industries and NMDC saw their valuations rising significantly.
Below the normal rainfall so far this
year has halted a strong bull run on the bourses pulling down
the key indices Sensex and Nifty by more than three percent
amid a sudden pullout by foreign institutional investors.