Markets buck global trend, end in green (Second Lead)September 30th, 2008 - 6:55 pm ICT by IANS
Mumbai, Sep 30(IANS) With a strong assurance coming from C.B. Bhave, chairman of the Indian market regulator Securities and Exchange Board of India (SEBI) Tuesday morning, Indian equities markets bucked the global trend of a sea of red to recover after opening weak, and ended the day in the green.With the US House of Representatives rejecting the $700 billion bailout plan, markets opened jittery, analysts said.
Around the world most markets went into a tizzy Monday and Tuesday following the plan’s rejection.
However, Bhave’s bid to talk up the market Tuesday morning with news that Finance Minister P. Chidambaram had met him earlier in the day to assess the market situation, calmed nerves and investors returned to their buying ways.
Later, another reassuring statement from Finance Minister Chidambaram saw markets continue to recover and despite some profit booking at the higher levels, closed in the green.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 12,860.43, up 264.68 points or 2.10 percent from its previous close Monday at 12,595.75.
The broader-based 50 share S&P CNX NIFTY closed at 3,938.75, up 88.7 points or 2.30 percent from its previous close Monday at 3,850.05.
The BSE mid-cap index finished at 4,798.29, up 68.96 points or 1.46 percent against its previous close Monday.
The BSE small cap index too recovered in the final stages after being in the red most of the day to end at 5,577.47, up 24.44 points or 0.44 percent from its previous close Monday.
Since the US financial crisis broke two weeks ago, the markets have already shed nearly 2,000 points and as expected began to get support at the 12,500 level once investors were assured that there were no settlement issues, analysts said to explain the recovery.