Sensex opens up by over 379 points

October 7th, 2008 - 12:37 pm ICT by ANI  

Mumbai, Oct 7 (ANI): After the downward trend over the past few days, the Sensex opened this morning up by over 379 points in early trade. The improvement in the index was attributed to revival of buying by FIIs after SEBI eased curbs on indirect investments by foreign funds and the RBI slashed CRR.

The 30-share index, which had plunged 724.62 points on Monday, recovered by 379.73 points to 12,181.43 points following rebound in the stocks of banking, capital goods, realty and oil and gas sectors.

Similarly, the wide-based National Stock Exchange’’s index rose by 127.05 at 3,729.40.

Market analysts said market regulator SEBI’’s move to lift some curbs on foreign institutional investors (FIIs) imposed a year ago and a 50 basis points cut in Cash Reserve Ratio (CRR) by the Reserve Bank of India, buoyed the trading sentiment.

They said in view of change in the market’’s scenario, speculators were seen covering up their short positions. (ANI)

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