Equities end green on lending rate cut hint (Second Lead)November 4th, 2008 - 6:12 pm ICT by IANS
Mumbai, Nov 4 (IANS) Despite opening weak on profit booking, Indian equities markets surged late afternoon after Finance Minister P. Chidambaram hinted that banks would reduce lending rates and finished Tuesday in the green.The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 10,631.12, up 293.44 points or 2.84 percent from its previous close Monday at 10,337.68 points.
With investors resorting to booking profit on gains made during the previous two successive trading sessions, the Sensex opened some 30 points down and soon dipped to hit an intra-day low of 10,116.22 points.
But it began to surge mid-afternoon after the finance minister’s announcement that banks would cut lending rates following his meeting with the chiefs of state-owned banks.
The broader-based 50 share S&P CNX Nifty of the National Stock Exchange (NSE) also opened weak but then recovered to close at 3142.10 points, up 98.25 points or 3.23 percent from its previous close Monday at 3043.85 points.
The BSE midcap index closed at 3,446.22 points, up 90.68 points or 2.70 percent from its previous close Monday at 3,355.54 points.
The BSE smallcap index finished at 4,035.11 points, up 108.01 points or 2.75 percent from its previous close at 3,927.10 points.