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Midsession: Markets maintain rally on banks, foreign funds

Midsession: Markets maintain rally on banks, foreign funds
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First Published: Tue, Mar 24 2009. 02 15 PM IST
New Delhi: Markets have retained their rally since opening and are trading 1.5% up on Tuesday afternoon, tracking gains in US and Asian markets.
Global markets seem to have revived after the US government announced a plan to mop out toxic assets from bank’s balance sheets for $1 trillion in order to revive maintain sufficient liquidity into the market. S&P surged by record 7% on Monday.
Banking sector is leading the climb on the index followed by realty, capital goods, technology and power stocks. Continued buying by foreign funds also supported the positive sentiment in D-street. Metal segment is the only exception trading in red.
At 2:15pm, the Bombay Stock Exchange benchmark Sensex was trading higher by 146.41 points at 9,570.43. The 50-share NSE Nifty had touched the psychological benchmark of 3,000 but slipped slightly and is trading 37.75 points up at 2977.65.
Major gainers from the BSE Sensex pack are HDFC Bank by 9.06% to Rs964.80 along with ICICI Bank galloped by 5.73% to Rs366.50, DLF Ltd by 4.93% to Rs175.65, State bank of India by 4.65% to Rs1,071.00, Mahindra and Mahindra by 4.58% to Rs386.00 and Bharti Airtel by 4.03% to Rs617.35.
Tata Motors advanced 0.30% to Rs166.55 after the company formally launched the world’s cheapest ‘Nano’ on Monday.
Meanwhile, in the Asian markets Japan’s index Nikkei jumped by 3.3% and Hang Seng rallied 3.4% on advancing financial stocks.
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First Published: Tue, Mar 24 2009. 02 15 PM IST
More Topics: BSE | NSE | Sensex | Markets | Stocks |