Markets recover, go into green on regulator’s assurance (Lead)September 30th, 2008 - 5:05 pm ICT by IANS
Mumbai, Sep 30 (IANS) With C.B. Bhave, chairman of the Indian market regulator Securities and Exchange Board of India (SEBI) meeting the media Tuesday morning in a bid to calm investors, Indian equities markets returned to green after opening weak.With the US House of Representatives rejecting the $700 billion bailout plan, markets opened jittery, analysts said.
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 investor’s returned to their buying ways.
Mid-afternoon the 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 12,852.73, up 256.98 points or 2.04 percent from its previous close Monday at 12,595.75.
The broader-based 50 share S&P CNX NIFTY was at 3919.60, up 69.55 points or 1.81 percent from its previous close Monday at 3850.05.
The BSE mid cap index was at 4,773.11, up 43.78 points or 0.93 percent against its previous close Monday.
Only the BSE small cap index was still in the red at 5,539.04, down 13.99 points or 0.25 percent from its previous close Monday.
Since the US financial crisis broke two weeks ago, the markets had 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.