Sensex sheds gains, closes 360 points up

The Sensex on Thursday pared some of its gains to close 360 points higher, amid positive cues from global markets and after central banks of developed countries said they would make more money available to stimulate growth.

The 30-scrip index of the Bombay Stock Exchange (BSE), which opened at 16,555.93 points, closed at 16,483.45 points, 359.99 points or 2.23 per cent up from its previous close at 16,123.46 points.

HOW THE MARKETS FARED

It had risen almost 595 points to an intra-day high of 16,718.11 points in early trade.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also closed in the green at 4,936.85 points, up 2.17 per cent or 104.80 points from its previous close.

Broader markets also closed in the positive with the BSE 500 index moving up about 1.6 per cent. The BSE midcap index closed 0.87 per cent up while the BSE smallcap index gained 0.36 per cent.

Asian markets also shot up on Thursday after the central banks around the world said they would coordinate between themselves and come up with measures to stimulate lending.

The US Federal Reserve, the European Central Bank, and the central banks of the UK, Canada, Japan and Switzerland will start freeing up funds so that banks can lend more. In a separate move, China also said it would initiate similar steps.

The Japanese Nikkei closed 1.93 per cent higher at 8,597.38 points. Hong Kong's Hang Seng was ruling 5.45 per cent up at 18,969.67 points.

- IANS inputs