Markets rise on basis of second stimulus package (Lead)January 5th, 2009 - 3:03 pm ICT by IANS
Mumbai, Jan 5 (IANS) Indian equities markets were trading in the green early Monday afternoon on the strength of the second economic stimulus package announced by the government Friday. The Sensex was more than two percent above its previous close.Shortly after noon, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was up 1.51 percent or 149.99 points and was ruling at 10,108.21 points after opening higher than its previous close of 9,958.22 points.
Of the 13 sectoral indices on the BSE, predictably, banking stocks were the top performers as the sector has benefited most with Reserve Bank of India cutting key policy rates like cash reserve ratio, repo and reverse repo.
The BSE sectoral index for banks, BANKEX, was up 2.83 percent.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) was trading at 3,081.55 points, 1.14 percent up from its last close.
Other market indices like the BSE midcap index rose 1.73 percent over Friday’s close, while the smallcap index gained 1.59 percent.
Other Asian markets were also up, with the Nikkei, a key index of the Tokyo Stock Exchange, ending 2.07 percent higher than its previous close.
The Hang Seng, a key index of the Hong Kong Stock Exchange, also did well, rising 1.25 percent over its last close.