Indian equities register sharp gains on global cues (Second Lead)

September 19th, 2008 - 6:20 pm ICT by IANS  

SensexNew Delhi, Sep 19 (IANS) Indian equities staged a smart rally Friday and ended with some handsome gains on cues from other markets as also on hopes that the crisis in the global financial system will be softened by central bank interventions with little impact on the country’s economy.The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) saw one of its sharpest rallies in recent weeks, pushing the 30-share index above the 14,000 mark at 14,042.32 points.

This resulted in a gain of 726.72 points, or 5.46 percent, for the benchmark index over the previous day’s close at 13,315.60 points, data with the bourse showed.

The broader S&P CNX Nifty was also up 5.13 percent at 4245.25 points.

A closer look at the BSE trading data showed that all the 30 shares that go into Sensex ended in the positive territory.

Realty stocks were the clear favourites, with BSE’s index for the group up 7.59 percent, followed by a rise of 6.67 percent for the information technology index and 5.86 percent for the technology index.

In fact, each of the 13 sector-specific indices of the exchange were trading in the positive territory, with auto index registering the lowest rise of 1.34 percent followed by 2.73 percent for fast moving consumer goods.

Satyam Computers registered the maximum gains among the Sensex stocks with 10.48 percent, followed by 9.07 percent for ICICI Bank, 8.32 percent for Housing Development Corp and 8.30 percent for Tata Power.

Analysing the movements Friday, analysts said the observations by Prime Minister Manmohan Singh and Finance Minister P. Chidambaram that the Indian economy was insulated from the global financial crisis helped calm sentiments.

The prime minister chaired the second meeting of the Cabinet Committee on Economic Affairs here Friday where he asked his colleagues to remain vigilant on the financial crisis and ensure that it did not impact the country’s economy.

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