Markets rally on stimulus announcement

By IANS,

Mumbai : The government’s second stimulus package announced Friday helped Indian equities markets make smart gains Monday, with a key index moving up 3.19 percent to close above the 10,000-mark.


Support TwoCircles

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 10,275.6 points, up 3.19 percent or 317.38 points from its previous close of 9,958.22 points.

Broader market indices like the BSE midcap index was up 1.78 percent while the BSE smallcap index closed 1.21 percent higher.

Of the 13 sectoral indices on the BSE, the metal index rose the highest Monday.

Among the top gainers were Sterlite (up 9.82 percent to close at Rs.274.95), Tata Power (up 7.76 percent at Rs.770.35), Jaiprakash Associates (up 7.49 percent at Rs.87.40) and Tata Steel (up 6.73 percent at Rs.229.65).

Top losers included Satyam Computers (down 6 percent to Rs.177.75), Bharti Airtel (down 2.76 percent to Rs.704.80) and Wipro (down 1.60 percent to Rs.300.60).

The market breadth was positive, as 1,680 stocks advanced against 859 declines. Seventy-four stocks remained unchanged.

The broader S&P CNX Nifty index of the National Stock Exchange (NSE) gained 2.45 percent to close at 3,121.45 points.

European and Asian stocks extended their earlier gains on hopes that more countries would step up measures to revive the global economy.

“A lot is expected from the new US administration under Obama. The market is currently acting in anticipation that measures taken by the Indian and foreign governments will help contain the slowdown,” said Jagannadham Thunuguntla, head of the capital markets arm and director of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.

In Europe, the FTSE index in Britain went up 0.46 percent while among Asian markets the Hang Seng, a key index of the Hong Kong Stock Exchange, rose 3.46 percent over its last close.

The Nikkei, a key index of the Tokyo Stock Exchange, was up 2.07 percent.

SUPPORT TWOCIRCLES HELP SUPPORT INDEPENDENT AND NON-PROFIT MEDIA. DONATE HERE