Indian markets rally on anticipated feel good budget (Roundup)February 13th, 2009 - 6:33 pm ICT by IANS
Mumbai, Feb 13 (IANS) Indian equities markets Friday reversed the previous day’s losses amid hopes that the government would present a third fiscal stimulus package in the interim budget Monday following the people-friendly railway budget presented earlier in the day.
“Interim budget seems to be the only trigger for today’s (Friday’s) rally. An element of break out might still be there but it remains to be seen how markets will react after the interim budget is announced on Monday,” said Jagannadham Thunuguntla, chief executive of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
A key index gained 1.78 percent over its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 9,540.6 points, rose 168.91 points or 1.78 percent from Thursday’s close to end at 9,634.74 points.
The S&P CNX Nifty index of the National Stock Exchange (NSE) gained 1.63 percent to close at 2,940.3 points.
The BSE midcap index closed a marginal 1.51 percent higher, while the BSE smallcap index gained 0.62 percent.
Of the 13 sectoral indices on the BSE, those of metal and consumer goods companies gained the most, while IT, healthcare and FMCG stocks were down.
The overall market sentiment was positive with 1,484 stocks advancing, 947 scrips declining and 100 remaining unchanged.
Top gainers among the scrips on the Sensex included Mahindra and Mahindra (up 7.04 percent at Rs.320.95), Reliance Communication (up 5.33 percent at Rs.181.65), ACC (up 5.13 percent at Rs.577.35) and Tata Steel (up 4.69 percent at Rs.194.15).
Among other major gainers on the BSE was Spice Tele once again, which shot up 10.21 percent to Rs.86.90. Oracle Finance’s scrip soared 10.21 percent to Rs.681.45.
There were only three losers on the Sensex: Sun Pharma (down 3.45 percent at Rs.1,067.45), Ranbaxy Laboratories (down 0.33 percent at Rs. 212.05) and Infosys (down 0.29 percent at Rs.1,254.70).
In other Asian markets, a key Japanese index, the Nikkei of the Tokyo Stock Exchange, closed at 7,779.4 points, 0.96 percent higher than its previous close.
The Hang Seng, a key index of the Hong Kong Stock Exchange, ended 2.47 percent above its last close.
In European markets, the FTSE index in Britain was ruling 1.55 higher lower than its previous close.