Indian equities bounce back after weak openingMarch 11th, 2008 - 3:13 pm ICT by admin
Mumbai, March 11 (IANS) Indian equities markets, which opened with a marginal loss Tuesday, bounced back soon after and were trading in the green on account of sustained buying in scrips across sectors, notably in capital goods, power, oil, cement and pharmaceuticals stocks. However, early in the afternoon, the markets started moving southwards again. The 30-share sensitive index of the Bombay Stock Exchange (BSE) that opened at 15,778.27 points, notched a high of 16,121.22 points by noon, a gain of 197.50 points. But by 1.30 p.m., the Sensex had gone down 16,002.95, still 79.23 points higher than where it had closed Monday.
At noon, the National Stock Exchange (NSE) S&P Nifty, which opened at 4,767.80 points, was trading at 4,854.65 with a gain 0f 54 points compared to its previous close.
Market breath was positive by noon, 1,755 stocks were trading in the green while 671 declined and 45 maintained the status quo.
Broader markets also participated in the upward trend and outperformed the benchmark indices, giving the market positive breadth.
Capital goods and real estate stocks outperformed the other sectors and were the top gainers on the indices. But the IT index was trading weak.
In the Mumbai bourses Tuesday morning, L&T was the top gainer, up over 7 percent, followed by DLF, Bajaj Auto, BHEL, GAIL and Unitech.
Top laggards on the bourses were Bharti Airtel, Maruti Suzuki, Satyam, Tata Comm and Sun Pharma.
Cues from global markets continued to be weak. On Monday, the Dow Jones industrial average plunged 153.54 points, or 1.29 percent to end at the lowest point since 2006. The Standard & Poor’s 500 index was down 20 points or 1.55 percent to 1,273.37, while the Nasdaq composite index declined 43.15 points, or 1.95 percent to 2,169.34.