Midsession: Banks rally on RBI cuts, Sensex above 10k

Midsession: Banks rally on RBI cuts, Sensex above 10k
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First Published: Mon, Jan 05 2009. 12 54 PM IST
Updated: Mon, Jan 05 2009. 12 54 PM IST
New Delhi: Markets continue trading higher maintaining the Sensex above 10,000 mark on Monday, 6 January, boosted by twin stimulus package released on last Friday by the government and RBI.
Buying sentiment is largely seen in shares of banking, capital goods, metal, technology, realty and oil exploration companies. Positive Asian markets also add to the positive sentiments.
Banking stocks recieved a boost after RBI on Friday announced cut in the cash reserve ratio by 50 basis points to 5% and also reduced rates of both the Repo and Reverse Repo by 100 basis points to 5.5% and 4% respectively.
The government also announced Rs 20,000 crore second fiscal stimulus package to revive the slowing economy.
The 30-share BSE Sensex was trading at 10119.18, up by 160.96 and the NSE Nifty was trading above 3078.55, up by 31.80 at 12:50pm.
Sterlite Industries is reportedly the top gainer on the BSE pack as it was trading higher by 7.44% at Rs. 295.40.
Meanwhile, controversy gripped Satyam Computer was the top loser, down by 5.77% at Rs.167.30.
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First Published: Mon, Jan 05 2009. 12 54 PM IST
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