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GDP prediction fails to influence markets

Indian equities markets were up from opening levels but trade remained fairly quiet as the central Govt announced estimates of economic growth at 7.1%, higher than what was predicted by other agencies like the International Monetary Fund.

business Updated: Feb 10, 2009 01:58 IST

Indian equities markets were up from opening levels on Monday but trade remained fairly quiet as the central government announced estimates of economic growth at 7.1 per cent, higher than what was predicted by other agencies like the International Monetary Fund. A key index was hovering 0.93 per cent higher than its previous close, 30 minutes before noon.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 9,387.18 points, 0.93 per cent or 86.32 points higher than Friday's close. It had opened at 9,359 points, higher than its previous close at 9,300.86 points.

At the same time, the broader-based S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,861.2 points, 0.64 per cent up from its previous close of 2,843.1.

Broader market indices were up with the BSE midcap index trading 1.11 per cent higher and the BSE smallcap gaining 1.1 per cent.

Of the 13 sectoral indices on the BSE, metal, consumer durables and banking indices were up.

Leading the gainers' list on the Sensex at this time were Jaiprakash Associates (up 4.79 per cent to Rs 72.25), Tata Steel (up 4.03 per cent to Rs 193.65), Sterlite Industries (up 3.49 per cent to Rs 274) and Housing Development Finance Co (up 3.15 per cent to Rs 1,457.20).

Among losing scrips were Wipro (down 2.1 per cent to Rs 219.25), Grasim Industries (down 1.88 per cent to Rs 1,386.75), ITC Ltd. (down 1.34 per cent at Rs 180), and Sun Pharma (down 0.8 per cent to Rs 1,050.35).

In other Asian markets, a key Japanese index, the Nikkei of the Tokyo Stock Exchange, was ruling at 8,020.54 points, 0.69 per cent lower than its previous close.

The Hang Seng, a key index of the Hong Kong Stock Exchange, was 0.68 per cent above its last close.

Wall Street stocks rose sharply Friday amid hopes that an economic stimulus package topping $800 billion would soon be passed by the senate, overshadowing the worst monthly jobs report in 35 yeaRs

The blue-chip Dow Jones Industrial Average surged 217.52 points, or 2.7 per cent, to 8,280.59. The broader Standard and Poor's 500 Index climbed 22.75 points, or 2.69 per cent, to 868.6.

The technology-heavy Nasdaq Composite Index rose 45.47 points, or 2.94 per cent, to 1,591.71.