Markets start new year in the greenJanuary 1st, 2009 - 12:54 pm ICT by IANS
Mumbai, Jan 1 (IANS) The new year brought some joy to Indian equities markets with a key index opening higher than its previous close and about an hour later staying about 1.01 percent higher than its previous close. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading at 9,744.5 points around 11 a.m. Thursday, a rise of 97.19 points or 1.01 percent from its previous close of 9,647.31 points.
Metal stocks were doing well as the BSE metal index rose the highest among the 13 sectoral indices on the BSE. All 13 indices were ruling in the green.
The top gainers on the Sensex were also metal stocks, the top performer being Sterlite Industries, which rose 4.31 percent and was trading at Rs.272. Other gainers included Hindalco and Tata steel.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) was also trading marginally higher at 2,989.9 points, about 1.04 percent higher than Wednesday’s close.
Market indices like the BSE midcap index gained 1.38 percent over its Wednesday close, while the smallcap index was up 1.70 percent.
Analysts were of the view that the markets were acting cautiously ahead of the release of inflation and trade data. Auto and cement companies were also on the radar of investors as they are soon expected to announce their monthly sales numbers.
There were also expectations that the government would unveil the next stimulus package soon.