Markets stabilise in afternoon trade after taking a plunge

December 15th, 2008 - 3:59 pm ICT by IANS  

SensexMumbai, Dec 15 (IANS) Indian stock markets stabilised during afternoon trading Monday as a key index posted gains of 1.67 percent over its close last Friday.Realty and metal stocks were holding up the rally for Indian bourses with the realty sectoral index at the Bombay Stock Exchange (BSE) up 6.69 percent, while the metal sectoral index rose by 5.46 percent.

The 30-share sensitive index (Sensex) of the BSE was ruling at 161.35 points or 1.67 percent higher mid-afternoon Monday than its close Friday.

The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) was also ruling higher than Friday’s close, at 2,984.9 points or 2.18 percent in spite of the dip that it took an hour earlier.

“My estimate is that the Nifty would touch around 3,000 points where it could then face some resistance,” said Neera Jain, chief technical analyst at stock analyses firm CRN India.

The BSE midcap index was out-performing the broader markets with a rise of 108.14 points or 3.55 percent higher to currently rule at 3,158.62 than its close last weekend at 3,050.48.

The BSE smallcap index was also doing better than the Sensex with gains of 108.32 points or 3.17 percent to currently rule at 3,643.01 over its previous close last Friday at 3,530.96.

Asian markets surged on expectations that the US treasury would bail out auto makers after all.

The Nikkei, a key index of the Tokyo Stock Exchange, was ruling 5.21 percent higher than its previous close while the Hang Seng, the key index of the Hong Kong Stock Exchange, rose 2.42 percent over its previous close.

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