Concerted European action to strengthen the banking system has given the much-needed confidence that investors were looking for, said Jagannadham Thunuguntla, head of the capital markets arm of India’s fourth largest share brokerage house SMC Group.

1. Markets rally on European action to strengthen banks
After suffering a blood bath last week, Indian equities markets staged a smart recovery Monday on
strong global cues from both European and Asia-Pacific markets as well as a pep talk from Finance
Minister P. Chidambaram just before markets opened.
Mid-afternoon, the benchmark 30-share index of the Bombay Stock Exchange, the Sensex, was at
11,257.14, up 729.29 points or 6.93 percent from its previous close Friday at 10,527.85 points.
Similarly, at the same time the broader-based 50-share S and amp;P CNX Nifty index of the
National Stock Exchange (NSE) was at 3,476.90, up 196.95 points up or 6.00 percent from its
previous close Friday at 3279.95 points.
The BSE midcap index was at 3,815.95, up 139.95 points or 3.81 percent from its previous close
Friday at 3,676.00 points.
The BSE smallcap index was at 4,500.14, up 144.69 points or 3.32 percent from its previous close
Friday at 4,355.45 points.
'Concerted European action to strengthen the banking system has given the much-needed
confidence that investors were looking for,' said Jagannadham Thunuguntla, head of the capital
markets arm of India's fourth largest share brokerage house SMC Group.
( © IANS / India eNews)
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