Realty, metal stocks drive equity markets up (Roundup)December 10th, 2008 - 7:05 pm ICT by IANS
Mumbai, Dec 10 (IANS) Buoyed by realty and metal stocks, Indian equities markets gained Wednesday with a key index closing 5.37 percent or 493 points higher than Monday’s close.The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 9,654.9 points, up from 9,162.62 of its previous close.
Shares of realty companies led by DLF Ltd, which moved up 18.9 percent to Rs.220.85, were the main drivers of the surge on the BSE.
Commenting on the market movement, Neera Jain, chief technical analyst at stock analyses firm CRN India, said: “Currently, our markets are looking better than the rest though one cannot be sure about long-term prospects in the present situation.”
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) did equally well with a rise of 5.18 percent or 144 points to close at 2,928.25.
The BSE midcap index went up 2.19 percent or 63.21 points to close at 2948.24 points, while the BSE smallcap index rose just 1.56 percent or 52.25 points to close the day at 3,395.45 points.
All the sectoral indices showed positive movement with oil and gas stocks doing well with a rise of 6.97 percent.
Asian markets also performed well with the Nikkei, key index of the Tokyo Stock Exchange ruling 3.15 percent higher while the Hang Seng, key index of the Hong Kong Stock Exchange continued its good show by posting gains of 5.59 percent.
Analysts expect the upbeat trend to continue for a few days but are not sure if it will be able to manage the same rate of growth.
Added Jain: “Ultimately the market discounts all positive and negative news and hence the stimulus package can’t possibly sustain the rally for long.”