Indian markets rally as global cues turn positive (Lead)February 25th, 2009 - 1:14 pm ICT by IANS
Mumbai, Feb 25 (IANS) Indian equities markets took strength from other global markets Wednesday, which responded positively to Federal Reserve chairman Ben Bernanke’s assessment that US economy could begin to turn around this year.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,913.44 points, was at 8,958.67 points shortly before noon, a rise of 133.44 points or 1.51 percent from its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) gained 1.57 percent from its last close to rule at 2,776.9 points.
The BSE midcap index was 1.59 percent higher, while the BSE smallcap index was up 1.52 percent.
Only one out of the 13 sectoral indices on BSE, the index for FMCG stocks, was in the negative.
Among the gainers on the Sensex were Mahindra and Mahindra (up 5.76 percent at Rs.312.10), Tata Motors (up 5.22 percent at Rs.139) and Hindalco (up 4.6 percent at Rs.40.90).
The only two losers were ITC (down 1.22 percent at Rs.178.55) and Hindustan Unilever (down 0.34 percent to Rs.252).
In other Asian markets, a key Japanese index, the Nikkei of the Tokyo Stock Exchange, was ruling at 7,350.34 points, 1.13 percent higher than its previous close.
The Hang Seng, a key index of the Hong Kong Stock Exchange, was ruling 0.73 percent above its last close.
US stocks made their strongest gains in a month Tuesday drawing hope from Bernanke’s assessment.
The blue-chip Dow Jones Industrial Average climbed 236.16 points, or 3.32 percent, to 7,350.94 points.
The broader Standard and Poor’s 500 index rallied 29.81 points, or 4.01 percent, to 773.14 points while the technology-heavy Nasdaq Composite Index leapt 54.11 points, or 3.9 percent, to 1,441.83 points.