The Hindu Business Line : Bourses bounce back

STOCK markets heaved a sigh of relief today ahead of an imminent war with several weeks of uncertainty coming to an end. The gains in the international markets, led by US, also lent support to the domestic stock markets as indices closed higher.

However, the rupee came under pressure, losing four paise against the dollar as banks and corporates rushed for dollars, even as the bond markets remained range-bound.

Though the prices of international Brent crude eased to $28.83 today from Tuesday's $ 30.25, dealers expect oil prices to shoot up once the war begins, leading to a further dip in rupee.

Standard mint gold opened at Rs 5,380 and in thin activity ended at the same level with losses of Rs 40 on-balance. Gold .999 fineness came for trading at Rs 5,415, against the previous close of Rs 5,450 and ended a shade better at Rs 5,420 per 10 gm.

On the equity front, despite the markets ending in the positive region, most stockbrokers remained pessimistic about the short-term market outlook as they feel that the stock prices will fall further once the US starts bombing Iraq.

Snapping its three-session losing streak, the 30-share Sensitive Index (Sensex) ended with a gain of 36.27 points at 3,121.18. The NSE S&P CNX Nifty Index rose 10.90 points to end at 1,003.90.

Technology stocks led the gains on the bourses even as old economy stocks recorded substantial gains on bargain hunting.

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