Markets soar as Asian cues grow stronger

March 23rd, 2009 - 1:18 pm ICT by IANS  

Sensex Mumbai, March 23 (IANS) Buoyed by strong Asian cues, Indian equities markets shot into the green Monday, with a key index ruling 2.48 percent higher than its previous close.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 9,040.3 points, higher than its 8,966.68 point close Friday, was at 9,188.77 points late in the morning, 2.48 percent or 222.09 points higher than its previous close.

At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,878.9 points, 2.56 percent up from its last close of 2,807.05.

Among broader market indices, the BSE midcap index was 1.46 percent higher than its previous close, while the BSE smallcap index was also up 1.37 percent.

Of the 13 sectoral indices on the BSE, the indices for metal and oil and gas stocks gained the most, while realty stocks saw some selling.

Among the gainers on the Sensex were Sterlite, up 4.93 percent at Rs.331.20; Tata Motors, up 4.72 percent at Rs.168.05; Tata Steel, up 4.66 percent at Rs.176.10; and Tata Power, up 4.59 percent at Rs.666.40.

Investors lapped up the Tata Motors scrip ahead of the launch of Nano here Monday afternoon.

There was only one loser on the Sensex late Monday morning, DLF, down 1.64 percent at Rs.168.30.

In other Asian markets, Tokyo stocks closed in the green Monday, with Japan’s benchmark Nikkei 225 Stock Average ending trade at 8,215.53 points, 269.57 points higher than its previous close.

The Hang Seng, a key index of the Hong Kong Stock Exchange, was ruling 3.13 percent or 401.83 points above its last close, at 13,235.34 points.

US stocks seesawed through most of Friday, with markets closing at their lowest in two weeks after analysts slashed earnings estimates for General Electric Co.

The blue-chip Dow Jones Industrial Average slid 122.42 points, or 1.65 percent, to 7,278.38.

The broader Standard and Poor’s 500 Index lost 15.50 points, or 1.98 percent, to 768.54, while the technology-heavy Nasdaq Composite Index fell 26.21 points, or 1.77 percent, to 1,457.27.

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