Market cheers GDP growth, Sensex rises 81 points

Cheering the robust economic growth numbers, the stock market benchmark Sensex moved up 81 points today to record its fourth straight session of gains.

Analysts said the upbeat gross domestic product data for the quarter and fiscal ended March 2010, helped Dalal Street put aside the worries over euro zone debt crisis and weak cues coming in from global markets.

After a highly volatile session, the Bombay Stock Exchange’s barometer ended at 16,944.63 points, up 0.48 per cent, or 81.57 points, over the previous close.

The 30-share index, however, registered a fall of 3.49 per cent in May amid the euro zone debt worries.

The Sensex today opened weak but recovered after the GDP data were released by the government. Hectic buying in PSU and auto stocks during last hour helped the index close at near the day’s high of 16,971.15 points.

The economy registered a better than estimated 7.4 per cent growth in 2009-10. During the March quarter, the GDP grew by a robust 8.6 per cent, mainly on the back of strong expansion in manufacturing sector.

The wide-based Nifty index of the National Stock Exchange too finished higher by 0.39 per cent at 5,086.30 points.