Late rally boosts dull equities markets (Roundup)December 16th, 2008 - 6:37 pm ICT by IANS
Mumbai, Dec 16 (IANS) Indian equity markets surged in the late afternoon trading session with a key index closing 1.47 percent higher than its close Monday.The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) shot up during the last session, closing 144.59 points or 1.47 percent higher than the previous close.
The Sensex stood at 9,976.98 points after crossing the 10,000-point level just before close.
Broader market indices continued outperforming the Sensex with the midcap index closing 79.14 points or 2.5 percent higher than the previous close, while the smallcap index saw a rise of 117.56 points or 3.21 percent.
“Though the markets came in negative, it didn’t fall by much which boosted investor confidence. The late surge seems to have happened because of buying by local investors,” said Neera Jain, chief technical analyst at stock analyses firm CRN India.
All 13 sectoral indices made positive gains indicating a healthy overall growth in the day’s trading.
Top gainers in the Sensex were ONGC Corporation, which gained 6.07 percent to close at Rs.672.9, followed by Grasim Industries (up 4.59 percent to close at Rs.1,173.7), ACC (up 4.34 percent at Rs.513.35) and Tata Motors (up 4.33 percent at Rs.158.1).
The ones that lost out include Sterlite Industries, which lost about 7.07 percent, the highest among the Sensex, to close at Rs.307.7 and Housing Development Finance Co. that lost 4.13 percent to close at Rs.1,611.95.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) closed at 3,041.75 points, 2.03 percent higher than its previous close.
Asian markets were a mixed bag with the Nikkei, a key index of the Tokyo Stock Exchange, ruling 1.12 percent lower than its previous close while the Hang Seng, key index of the Hong Kong Stock Exchange, rose by 0.55 percent over its previous close.