Indian markets rally on anticipated feel good budget
Bombay News.Net
Friday 13th February, 2009 (IANS)
Mumbai, Feb 13 (IANS) Indian equities markets Friday reversed the previous day’s losses amid
hopes that the government would present a third fiscal stimulus package in the interim budget
Monday following the people-friendly railway budget presented earlier in the day.
“Interim budget seems to be the only trigger for today’s (Friday’s) rally. An element of break out
might still be there but it remains to be seen how markets will react after the interim budget is
announced on Monday,” said Jagannadham Thunuguntla, chief executive of India’s fourth
largest share brokerage firm, the Delhi-based SMC Group.
A key index gained 1.78 percent over its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at
9,540.6 points, rose 168.91 points or 1.78 percent from Thursday’s close to end at 9,634.74
points. The S&P CNX Nifty index of the National Stock Exchange (NSE) gained 1.63 percent to
close at 2,940.3 points. The BSE midcap index closed a marginal 1.51 percent higher, while the
BSE smallcap index gained 0.62 percent.
Of the 13 sectoral indices on the BSE, those of metal and consumer goods companies gained the
most, while IT, healthcare and FMCG stocks were down.
The overall market sentiment was positive with 1,484 stocks advancing, 947 scrips declining and
100 remaining unchanged.
Top gainers among the scrips on the Sensex included Mahindra and Mahindra (up 7.04 percent at
Rs.320.95), Reliance Communication (up 5.33 percent at Rs.181.65), ACC (up 5.13 percent at
Rs.577.35) and Tata Steel (up 4.69 percent at Rs.194.15).
Among other major gainers on the BSE was Spice Tele once again, which shot up 10.21 percent
to Rs.86.90. Oracle Finance’s scrip soared 10.21 percent to Rs.681.45. There were only three
losers on the Sensex: Sun Pharma (down 3.45 percent at Rs.1,067.45), Ranbaxy Laboratories
(down 0.33 percent at Rs. 212.05) and Infosys (down 0.29 percent at Rs.1,254.70).
In other Asian markets, a key Japanese index, the Nikkei of the Tokyo Stock Exchange, closed at
7,779.4 points, 0.96 percent higher than its previous close. The Hang Seng, a key index of the

Hong Kong Stock Exchange, ended 2.47 percent above its last close. In European markets, the
FTSE index in Britain was ruling 1.55 higher lower than its previous close.