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Noon: Market gains continue on firm global cues

Noon: Market gains continue on firm global cues
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First Published: Wed, Feb 04 2009. 12 27 PM IST
Updated: Wed, Feb 04 2009. 12 27 PM IST
New Delhi: Following global cues, markets are trading in positive on Wednesday. Trading on our domestic and other international indices is firm on expectations of approval of over $800 billion US stimulus package.
However, activity in the Bombay Stock Exchange benchmark Sensex is still cautious due to drop in January sales of some major Indian auto makers and fall in export. But Sensex continued its upward trend today from Tuesday’s session, opening up by over 150 points.
At 12:02pm, the 30-share BSE index was trading at 9304.33, 155.03 points up and the broader NSE Nifty was 47.60 points higher at 2831.50. Overnight gains on Wall Street also sparked off buying on the domestic index.
Buying mainly emerged in sectors like metal, oil and gas, technology, Information Technology, capital goods and banking. Metal index have gained the most at 3.67% with Tata Steel surging by 4.69% at Rs178.70and Sterlite Industries was up by 4.65% at Rs280.
Jaiprakash Associates is top of the rally by 5.05% at Rs69.65, along with Reliance Communication Ltd by 4.86% at Rs167.35, ONGC by 3.16% at Rs670.45 and Wipro by 3.06% at Rs231.00.
Asian markets also snapped from their negative sessions in the week after US markets gained with increase in housing sales. Japan’s Nikkei index rose 2.7% and Hong Kong’s Hang Seng was up by 2.5% as Chinese industrial stocks gained.
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First Published: Wed, Feb 04 2009. 12 27 PM IST
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