Markets in green on Manmohan assurance, global cues (Lead)

October 21st, 2008 - 4:46 pm ICT by IANS  

Manmohan SinghMumbai, Oct 21 (IANS) Despite the arrest of a state-level politician and the resultant violence here, Indian equities opened strong and continued to recover from the losses last week buoyed by the cut in a key lending rate by the central bank and Prime Minister Manmohan Singh’s statement that the Indian economy continued to be resilient.Thanks to satellite-based communication technology there were also no disruptions, as trading today in Bombay Stock Exchange, for example, is routed through as many as 25,000 trader workstations located across over 450 cities in the country.

Mid-afternoon, the sensitive index (Sensex) of the Bombay Stock Exchange was at 10,673.15, up 450.06 points or 4.40 percent from its previous close Monday at 10,223.099 points.

The Sensex opened at 10,428.11 points, touched a high of 10,437.81 before sliding somewhat and then gained steadily hit an intra-day high of 10,750.20 before losing some steam again on profit booking, analysts said.

At the National Stock Exchange, the broader 50-share S&P CNX Nifty index also showed a similar trend - opened strong, rallied and then dipped even below its previous close Monday before recovering again.

The Nifty also suffered another dip on profit booking but steadily gained after that to reach 3229.40, up 106.6 or 3.41 percent from its previous close Monday at 3,122.80 points.

There were no disruptions at the NSE as well, again thanks to technology.

The BSE midcap index was at 3,572.72, up 66.37 points or 1.89 percent from its previous close Monday at 3,506.35 points.

The BSE smallcap index was at 4,183.11, up 70.29 points or 1.71 percent from its previous close Monday at 4,112.82 points.

The reassuring statements of the Prime Minister Manmohan Singh Monday and the repo rate cut by the central bank together with positive global cues seemed to have restored some confidence, analysts said.

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