“We are now about 30 percent above the bottom level and this is quite a healthy rally, but investors would do good not to get carried away by this sudden burst,” said Jagannadham Thunuguntla, equity head at SMC Capitals.
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South Asia News Apr 2, 2009 Bulls Prop Markets, Sensex Shoot Up 455 Points
1. Bulls prop markets, Sensex shoot up 455 points
Posted: 5:23p.m IST, April 2, 2009
Mumbai, April 2 (IANS) Bulls had a field day at the Indian equities markets Thursday buying
stocks across key sectors such as realty, metal, capital goods and energy.
Global bourses also acted as a prop with expectations growing around the world that the ongoing
G20 summit in London would take significant steps to boost demand.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at
10,107.25 points, rose 446.84 points or 4.51 percent to close at 10,348.83 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 4.92 percent from
Wednesday’s close to end trade at 3,211.05 points.
The BSE midcap index gained 3.77 percent, while the BSE smallcap index was up 2.91 percent.
“We are now about 30 percent above the bottom level and this is quite a healthy rally, but
investors would do good not to get carried away by this sudden burst,” said Jagannadham
Thunuguntla, equity head at SMC Capitals.
World leaders reportedly worked through the night to develop guidelines for the global financial
market ahead of the opening of the G20 summit Thursday and come up with measures like
strengthening the International Monetary Fund.
“All eyes are on world governments now. They have been very generous and efficient in coming
up with stimulus packages and as a result some amount of liquidity is returning to the system,”
said Thunuguntla.
All but one of the 13 sectoral indices on the exchange turned positive, with the indices for realty,
metal and energy stocks gaining the most. FMCG stocks, however, saw some selling.
Of the 30-scrip composite Sensex, 29 scrips were in the green, with the top gainers including
DLF, up 15.08 percent at Rs.203.35; Jaiprakash Associates, up 13.23 percent at Rs.96.70; Tata
Motors, up 12.84 percent at Rs.202.95; and Reliance Communication, up 9 percent at Rs.196.15.
The sole loser was FMCG major Hindustan Unilever, down 2.49 percent at Rs.230.90.
2. The overall market sentiment was positive, with 2,014 stocks advancing, 535 scrips declining
and 69 remaining unchanged.
In other Asian markets, Tokyo stocks ended in the green with Japan’s benchmark Nikkei 225
Stock Average closing at 8,719.78 points, 367.87 points higher than its previous close.
The Hang Seng, a key index of the Hong Kong Stock Exchange, ended trade a whopping 7.41
percent above its last closing figure at 14,521.97 points.
European markets, which came online before Indian bourses ended trade, slid into the red with
the FTSE in Britain trading 3.17 percent higher than its previous close. Its French peer CAC 40
rose 3.52 percent.
Data with market watchdog Securities and Exchange Board of India (SEBI) showed that foreign
funds were net investors in equities Thursday, buying $58.20 million worth of shares.
Indian markets will remain closed Friday on account of Ram Navami.