Indian share prices closed up 0.34 percent on Thursday, trimming gains after regional markets surged on a powerful Wall Street rally overnight, dealers said. They said banking, power and property stocks rose as the market snapped two days of losses.
The benchmark 30-share Sensex index closed up 64.39 points or 0.34 percent at 19,003.26, slipping sharply from the day's peak of 19,297.01. Dealers said investors unwound positions at the expiry of the monthly futures trading contract on Thursday.
Wall Street's rebound on hopes that the US Federal Reserve would cut rates again boosted Indian shares in early morning trade. "The markets opened strong matching the Asian trends, but slipped on unwinding of positions at the expiry of the monthly futures contract," said Naresh Garg, chief investment officer at the Sahara Mutual fund.
Losers led gainers 1,468 to 1,317 on volume of 75.96 billion rupees (1.9 billion dollars). ICICI bank rose 69.2 rupees or 4.3 percent to 1,677.15 while Maruti Suzuki India climbed 23.75 rupees or 2.46 percent to 990.45, on bargain hunting. DLF was up 2.35 percent or 0.27 percent to 881. Unitech added 12.8 rupees or 3.56 percent to 372.45.
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