Markets extend gains during midday trade (Lead)January 14th, 2009 - 1:51 pm ICT by IANS
Mumbai, Jan 14 (IANS) Indian equities markets, which opened higher Wednesday, rose further by midday, with several stocks looking attractive at current valuations, and a key index gaining 2.99 percent over Tuesday’s close just before noon.The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was up 271.2 points or 2.99 percent little before noon Tuesday and was trading at 9,342.56 points Wednesday.
The Sensex opened at 9,207.52 Wednesday, higher than its previous close of 9,071.36.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) also moved into the green and was trading at 2,819.7, 2.72 percent higher.
Other market indices similarly rose with the BSE’s midcap index trading 1.61 percent higher and the smallcap index gaining 1.16 percent.
Of the 13 sectoral indices on the BSE, all were ruling higher with IT index being the top performer.
Major gainers on the sensex around noon included Sterlite Industries, Reliance Industries, Tata Steel and IT firm Tata Consultancy.
Sensex’s top losers were Sun Pharmaceuticals and Tata Motors.
Other Asian markets were picking up with Nikkei, a key index of the Tokyo Stock Exchange, rising by 0.91 percent. The Hang Seng, a key index of the Hong Kong Stock Exchange, also gained and was trading 1.43 percent higher than its last close.
Major US stock indices were a mixed bag Tuesday. Rising energy prices pushed oil stocks higher, and banking scrips rose amid signs of easing credit markets.
The blue-chip Dow Jones Industrial Average lost 25.41 points, or 0.3 percent, to 8,448.56. The broader Standard and Poor’s 500 Index edged up 1.53 points, or 0.18 percent, to 871.79. The technology-heavy Nasdaq Composite Index gained 7.67 points, or 0.5 percent, to 1,546.46.