Markets show all round gains, end in green (Roundup)October 21st, 2008 - 8:05 pm ICT by IANS
Mumbai, Oct 21 (IANS) Indian equities markets Tuesday finished in the green for the second consecutive day following several positive signals both domestic and global that may have restored investor confidence somewhat, analysts said.Despite the arrest of a state-level politician and the resultant violence here Tuesday, Indian equities markets functioned undisturbed due to use of satellite-based communication technology and posted all round gains for the first time after three consecutive days of losses last week.
Although a key equities index had ended in the green Monday, midcap and smallcap stocks had failed to recover sufficiently to post any gains. But Tuesday there was greater depth in the positive sentiments and even midcap and smallcap stocks as well as all sectors posted gains.
The sensitive index (Sensex) of the Bombay Stock Exchange closed at 10,683.39, up 460.30 points or 4.50 percent from its previous close Monday at 10,223.099 points.
The Sensex opened at 10,428.11 points, touched a high of 10,437.81 before sliding somewhat and then gained steadily to hit an intra-day high of 10,750.20 before losing some steam again on profit booking, analysts said.
At the National Stock Exchange, the broader 50-share S&P CNX Nifty index also showed a similar trend - opened strong, rallied and then dipped even below its previous close Monday before recovering again.
The Nifty also suffered another dip on profit booking but steadily gained after that to finish at 3,234.90, up 112.1 points or 3.59 percent from its previous close Monday at 3,122.80 points.
There were no disruptions at the NSE as well, again thanks to technology.
The BSE midcap index closed at 3,587.24, up 80.89 points or 2.31 percent from its previous close Monday at 3,506.35 points.
The BSE smallcap index finished at 4,196.28, up 83.46 points or 2.03 percent from its previous close Monday at 4,112.82 points.
The reassuring statements of Prime Minister Manmohan Singh Monday, the repo rate cut by the central bank and the market regulator’s positive signal that it was carefully monitoring the short selling activities of foreign institutional investors in overseas markets together with positive global cues seemed to have restored some confidence, analysts said.
All sectoral indices posted gains led by consumer durables followed by realty, information technology and capital goods.
Among the stocks that make up the Sensex only two scrips posted losses. Mahindra and Mahindra shed 2.10 percent and Hindalco Industries lost 1.68 percent.
All other Sensex component stocks posted gains led by Jaiprakash Associates, which gained 16.25 percent.
TCS Ltd gained 12.86 percent, Reliance Communications was up 11.25 percent and Tata Steel gained 10.20 percent.
As many as 1,613 or 60.84 percent stocks advanced, 975 or 36.78 percent stocks declined and 63 or 2.38 percent stocks remained unchanged.
The markets opened strong on global cues as the New York Stock Exchange and the Nasdaq posted gains Monday while Indian investors slept and major eastern markets such as the Tokyo Stock Exchange and Hong Kong Stock Exchange also were in the green when Indian markets opened Tuesday.