New Delhi: Markets touched 11,000 level on Monday during afternoon session but then pared some of its gains after Commerce Secretary G K Pillai, said that India’s exports are expected to drop by 31% in March 2009. The Bombay Stock Exchange benchmark Sensex ended firmly up by 1.5% on firm cues from global markets.
Sensex surged as buying momentum by foreign funds picked up. Investor sentiment worldwide is boosted by rising optimism about reviving economy.
Metal was leading in the sectoral front, along with considerable buying among the bank, realty, PSU, auto, capital goods and power sectors. However, consumer durable and IT stocks remained under selling pressure.
Markets surged on opening induced by strong international bourses, then after a up and down session through the say, the 30-share BSE index closed higher by 163.36 points at 10,967.22 and the 50-share NSE Nifty ended up by 40.55 at 3,382.60.
The BSE rally was led by Tata Motors, gained by 12.01% to Rs 252.20, along with Tata Steel by 8.31% to Rs282.90, Sterlite Industries by 7.39% to Rs425.10, State Bank of India by 6.80% to Rs1,217.90, DLF Ltd by 5.04% to Rs233.45, HDFC Bank by 4.84% to Rs1,096.70 and ICICI Bank by 4.49% to Rs415.55.
While Satyam Computers Services’ much talked about bidding closed today with Tech Mahindra winning the scandal-scarred software firm by quoting Rs58/share. The top losers on BSE were software majors Tata Consultancy Services Ltd by 1.91% to Rs591.70, followed by Wipro Ltd by 1.90% to Rs269.00.
Satyam ended higher by 3.61% as Tech Mahindra won the bid against Larsen and Toubro that offered around Rs49 per Satyam share. Tech Mahindra will have to pay Rs1757 crore to buy for 31% stake of Satyam.
In the global front, European and most Asian markets are closed on account of Easter Monday. Among those open Japan’s Nikkei Japan’s Nikkei fell 0.4% in see-saw trade weighed down by defensive stocks.
Domestic market will remain close on Tuesday, 14 April for Dr. Ambedkar Jayanti holiday.