Indian Era Dec 30, 2008 Healthy Buying Pushes Markets Up
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“Markets are undergoing a technical correction but a lot of stocks are also very reasonably priced which would induce buying,” said Jagannadham Thunuguntla, head of the capital markets arm and director of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
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Indian Era Dec 30, 2008 Healthy Buying Pushes Markets Up
- 1. Healthy buying pushes markets up Mumbai, Dec 30 (IANS) Healthy buying across the sectors pushed up Indian equities markets Tuesday for the second day in a row, with a key index gaining 1.92 percent over its previous close.The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed in the green at 9,716.16 points after touching an intra-day high of 9,785.04 points, a rise of 182.64 points or 1.92 percent from its previous close of 9,533.52 points. “Markets are undergoing a technical correction but a lot of stocks are also very reasonably priced which would induce buying,” said Jagannadham Thunuguntla, head of the capital markets arm and director of India’s fourth largest share brokerage firm, the Delhi-based SMC Group. The broader S&P CNX Nifty index of the National Stock Exchange (NSE) gained 57.3 points or 1.96 percent to close at 2,979.5 points. Other market indices also moved north with the BSE midcap index closing 2.18 percent higher and the smallcap index gaining 1.79 percent. The market was largely positive with 1,644 stocks advancing against 810 that declined. Eighty- five stocks remained unchanged. All 13 BSE sectoral indices closed positive with realty stocks bettering others on the Sensex. Among the 30 stocks on the Sensex, 29 turned green, while only one was in the red. Grasim Industries, which is down 1.16 percent at Rs.1,233.60, was the lone loser on Sensex. Top gainers include Satyam Computers, whose stock went up 8.33 percent to close at Rs.148.25 amid speculation that the company was in for a change of management. Reliance Communications, which launched its nationwide GSM service in Mumbai at an investment of Rs.100 billion, gained 7.16 percent to close at Rs.212.85. Other Asian markets, which were up during morning trade, gave mixed signals as the day progressed. The Nikkei, a key index of the Tokyo Stock Exchange, rose 1.28 percent over its close Monday while the Hang Seng, a key index of the Hong Kong Stock Exchange fell 0.65 percent.