Markets rally on European action to strengthen banks (Third lead)

October 13th, 2008 - 4:52 pm ICT by IANS  

SensexMumbai, Oct 13 (IANS) After suffering a blood bath last week, Indian equities markets staged a smart recovery Monday on strong global cues from both European and Asia-Pacific markets as well as a pep talk from Finance Minister P. Chidambaram just before markets opened.Mid-afternoon, the benchmark 30-share index of the Bombay Stock Exchange, the Sensex, was at 11,257.14, up 729.29 points or 6.93 percent from its previous close Friday at 10,527.85 points.

Similarly, at the same time the broader-based 50-share S&P CNX Nifty index of the National Stock Exchange (NSE) was at 3,476.90, up 196.95 points up or 6.00 percent from its previous close Friday at 3279.95 points.

The BSE midcap index was at 3,815.95, up 139.95 points or 3.81 percent from its previous close Friday at 3,676.00 points.

The BSE smallcap index was at 4,500.14, up 144.69 points or 3.32 percent from its previous close Friday at 4,355.45 points.

“Concerted European action to strengthen the banking system has given the much-needed confidence that investors were looking for,” said Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage house SMC Group.

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