Markets on the upswing, close stronger (Roundup)December 15th, 2008 - 7:14 pm ICT by IANS
Mumbai, Dec 15 (IANS) A key index of the Indian stock exchange closed higher Monday with a gain of 1.47 percent over its previous close as state-run banks cut interest rates on fresh home loans and reduced by 100 basis points the interest rates on advances taken by micro, small and medium enterprises.The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 9,832.39 points, a rise of 1.47 percent or 142.32 points over its close last weekend at 9,690.07.
Broader market indices continued outperforming the Sensex with the midcap index closing 114.59 points or 3.76 percent higher while the smallcap index saw a rise of 128.13 points or 3.63 percent.
Of the 13 sectoral indices, only the BSE IT sectoral index failed to capitalise on the rally and fell 0.22 percent.
Among the 30 companies comprising the Sensex, Grasim Industries gained 9.32 percent to close at Rs.1, 073.60, followed by Hindalco, which rose 5.86 percent to close at Rs.52.90.
Among the other top performers were Sterlite Industries, which gained 5.07 percent to close at Rs.14.85 and Larsen and Toubro, which rose by 4.24 percent to close at Rs.787.
The ones who lost out today included Reliance Communications, which lost about 4.09 percent, the highest among the Sensex scrips, to close at Rs.249.20 followed by Tata Consultancy Services, which lost 2.62 percent to close at Rs.482.25.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) closed at 2,981.2 points, 2.05 percent or 59.85 points higher than its previous close Friday.
Asian markets, which rose earlier in the day based on rumours that the US Senate may finally bail out US auto makers, continued to hold on to their gains.