New Delhi: The Bombay Stock Exchange benchmark Sensex traded higher as strong buying continued across sectors on Monday, 6 December, boosted by twin stimulus package announced by the government and RBI on Friday.
Markets opened almost 2% up, reacting positively to the economic stimulus, also higher Asian markets further influenced the buying sentiments.
The 30-share BSE index retained its 10,000 level to end 3% higher at 10275.60, up by 317.38 points. The broad based 50-share index closed at 3121.45, 74.70 points higher.
Metal, bank, capital goods and IT stocks led the rally with oil and gas and metal index outperforming. Stocks of ONGC gained 6.43% to Rs 723.75 and Tata Steel rose by 6.73% to Rs 245.10.
Bank stocks were nudged after Reserve Bank of India announced cuts in the cash reserve ratio by 50 basis points to 5% and also reduced rates of both Repo and Reverse Repo by 100 basis points to 5.5% and 4% respectively. ICIC Bank gained the most in the sector, as much as 6.04% to Rs 499.65.
Sterlite Industries was the top gainer on the BSE pack as it traded higher by 9.82% at Rs 301.95. Tata Power followed by rising 7.76% to Rs 830.15, Jaiprakash Associates by 7.49% to Rs 93.95 and Tata Steel 6.73% to Rs 245.10.
Meanwhile, controversy gripped Satyam Computer Services was the top loser, down by 6% at Rs166.
Asian bourses also performed higher on hopes of economic recovery with the expected economic plan by new President-elect of US, Barack Obama. Japan’s Nikkei ended at its 2-month high of 2.07% and Hong Kong’s Hang Seng ended 3% higher.