Sensex posts modest gains after drop due to central bank action (Second Lead)
January 29th, 2010 - 5:21 pm ICT by IANS
Mumbai, Jan 29 (IANS) A benchmark index for Indian equities closed Friday 50 points higher, making its way back into the green in spite of jittery trader sentiments due to the central bank’s decision to raise cash reserve ratio by 75 basis points.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,253.82 points, shut shop at 16,357.12 points (provisional), up 50.25 points or 0.31 percent from its previous close at 16,289.82 points.
It had earlier fallen over 325 points or nearly 2 percent to 15,982.08 points below its previous close, soon after the Reserve Bank of India announced a 75 basis points hike in the cash reserve ratio as fears spread it would result in industry facing a crunch to raise credit.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 4,891.25 points against the previous close at 4,867.25 points — a gain of 0.49 percent.
Broader markets also witnessed a change in sentiments with buying resulting in the BSE midcap index closing 1.14 percent up and the BSE small cap index ending 1.37 percent higher.
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Tags: bank of india, basis points, benchmark index, bombay stock exchange, bse, cap index, cash reserve ratio, crunch, fears, jan 29, national stock exchange, reserve bank of india, sensex, sensitive index, sentiments, small cap, spite
