Sensex starts moving up as banks allowed to lend moreOctober 7th, 2008 - 11:52 am ICT by IANS
Mumbai, Oct 7 (IANS) The benchmark index of the Bombay Stock Exchange, the Sensex, opened in the green here Tuesday on the strength of the central bank’s decision to allow Indian banks to lend more and inject more money into the belaguered financial markets.After a string of dismal performances, the Sensex opened 12,068.11 points Tuesday, well above Monday’s closing figure of 11,801.70 points. Twenty minutes after opening, the Sensex had climbed higher 12,081.34 points. Within this short span, it had touched a high of 12,181.43.
The S&P CNX Nifty index of the National Stock Exchange was also up to 3,691.20 points at the same time, up 2.47 percent from its previous close of 3,602.35 points.
The central bank, the Reserve Bank of India, had Monday allowed banks to reduce their cash reserve ratios by half a percentage point.