Markets bounce back on bailout plan revival news (Lead)

October 1st, 2008 - 3:33 pm ICT by IANS  

SensexMumbai, Oct 1(IANS) Indian equities markets fell in line with global markets and came back into the green by Wednesday mid-afternoon with stocks surging on news that the US $700 billion bailout plan was being revived.With news that the US Senate had decided to meet Wednesday to vote on a revised bailout plan after it was rejected by the House of Representatives Monday, all global markets bounced back Tuesday and Wednesday.

The Indian equities markets, however, slid into the red in the morning session on liquidity fears, analysts said, but bounced back on strong global cues after the Sun Outage break.

At 1.30 p.m., the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 13,052.46, up 192.03 points or 1.49 percent to again breach the 13,000 mark against its previous close Tuesday at 12,860.43.

The broader-based 50-share S&P CNX NIFTY of the National Stock Exchange (NSE) also showed a similar trend and was at 3,961.90, up 40.7 points or 1.04 percent from its previous close at 3,921.20 after being in the red throughout the morning.

The BSE mid cap index was at 4,836.84, up 38.55 points or 0.80 percent from its previous close at 4,798.29.

The BSE small cap index was at 5,617.31, up 39.84 points or 0.71 percent from its previous close Tuesday at 5,577.47.

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