Markets end green on US bailout plan revival hopes (Roundup)October 1st, 2008 - 7:46 pm ICT by IANS
Mumbai, Oct 1(IANS) After an initial stutter, Indian equities markets fell in line with global markets and came back to finish in the green Wednesday on renewed hopes that the US $700 billion bailout plan will be revived.With news that the US Senate has 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 but bounced back on strong global cues after the Sun Outage break.
The 30-share-sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 13,055.67, up 195.24 points or 1.52 percent 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 finished at 3,950.75, up 29.55 points or 0.75 percent from its previous close at 3,921.20 after being in the red throughout the morning.
The BSE mid-cap index finished at 4,824.16, up 25.87 points or 0.54 percent from its previous close at 4,798.29.
The BSE small cap index closed at 5,606.80, up 29.33 points or 0.53 percent from its previous close Tuesday at 5,577.47.
Information technology, bank, consumer durables and technology, entertainment and communication technology stocks were the major gainers.
Only realty and oil and gas stocks were losers.
Satyam Computers gained the most at Rs.318.75, up Rs.22.15 or 7.47 percent from Rs.296.60. Jaiprakash Associates at Rs.118.90, gained Rs.7.80 or 7.02 percent from Rs.111.10.
HDFC Bank gained Rs.64.65 or 5.26 percent to Rs.1,293.65 from Rs.1,229.00. Grasim Industries gained Rs.78.10 or 4.63 percent to Rs.1,765.70 from Rs.1,687.60.
Among the losers, Larsen and Toubro lost the most at Rs.1,215.30, shedding Rs.1,227.55 or 50.25 percent from Rs.2,442.85.
DLF Ltd shed Rs.7.15 or 2.03 percent to Rs.345.25 from Rs.352.40. Reliance Industries at Rs.1,907.25 lost Rs.39.10 or 2.01 percent from Rs.1,946.35. Tata Motors at Rs.339.25 lost Rs.4.95 or 1.44 percent from Rs.344.20.
Some 1,476 or 55.24 percent stocks advanced, 1123 or 42.03 percent declined and 73 or 2.73 percent remained unchanged.
The underlying sentiment is still clearly nervous with a lot of uncertainty and there is very little liquidity in the market as is reflected by the very low turnover, analysts said.
The net turnover of foreign institutional investors was at a record low of just Rs.140 million compared to their usual average of about Rs.5-6 billion.
Similarly, the net turnover of domestic institutional investors was also low at Rs.3.94 billion compared to their usual average of Rs.5-6 billion.