Equities in green, key index testing 9,000 mark (Lead)November 25th, 2008 - 3:35 pm ICT by IANS
Mumbai, Nov 25 (IANS) After opening strong on positive global cues, Indian equities markets were still in the green mid-afternoon despite selling pressure at the higher levels with a key index breaching the psychologically important 9,000 mark only to go below it again as trading progressed.There is selling pressure at the higher levels, analysts said while explaining the market movements.
Mid-afternoon, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 8,947.72, up 44.60 points or 0.50 percent from its previous close Monday at 8,903.12 points.
The Sensex opened strong at 9,160.50, up 257.38 points or 2.89 percent from its previous close Monday and hit an intra-day high of 9,182.80 points before coming under selling pressure again to go below the psychologically important 9,000 mark.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE), also showed similar volatility and was ruling at 2731.35, up 23.1 points or 0.85 percent from its previous close Monday at 2708.25 points.
The BSE midcap was ruling at 2,918.38, up 16.09 points or 0.55 percent from its previous close Monday at 2,902.29 points.
The BSE smallcap was ruling at 3,378.11, up 14.15 points or 0.42 percent from its previous close at 3,363.96 points.
Overnight US markets had ended in the green with a key index of the New York Stock Exchange finishing with a 7.14 percent gain. The Nasdaq index too ended with a gain of 6.33 percent.
US markets were reacting to the $20 billion US government bail out plan for Citi Bank as well as President-elect Barack Obama’s hint that there will be another stimulus or spending plan of around $700 billion.
Asian markets were also up Tuesday with the Nikkei, the key index of the Tokyo Stock Exchange finishing with a gain of 5.22 percent and the Hang Seng, key index of the Hong Kong Stock Exchange, up 2.85 percent.
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