Market gathers fresh nearly 500 pts on firm global trend | business | Hindustan Times
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Market gathers fresh nearly 500 pts on firm global trend

business Updated: Dec 10, 2008 17:28 IST

PTI
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The Bombay Stock Exchange benchmark Sensex went marching for the second straight session on Wednesday to put on close to nearly 500 points on brisk buying sparked off by reports of Asian stocks rising to one-month high.

The Sensex, which rose nearly 200 points in previous trading, shot up by another 492.28 points at 9,654.90, after touching the day's high of 9,678.70 points.

Trading sentiment turned bullish after the Asian stocks rose to one-month high, apart from triple bonanza for the industry back home in the form of duty cuts by the government, RBI's clear hints towards soft lending rates and slashing of fuel prices.

The wide-based National Stock Exchange index Nifty surged by 144.25 points at 2,928.25. It touched the day's high of 2,940.15 and a low of 2,785.70 points.

Trading sentiment went further bullish as the domestic currency appreciated by as much as 62 paise to 48.95 a dollar, a level last seen on November 17 - almost a month ago.

The market was slowly reacting to the government's stimulus package on Sunday, which extended attractive sops to the housing sector, a brokers said.

The most weighted on the Sensex, Reliance Industries, led the upsurge by gaining Rs 107.20 at Rs 1227.20, touching such a high level after a long time. Besides, index-linked stocks of DLF Ltd also shot up by Rs 41.80 at Rs 262.65.

They said the market was seen back in bull-orbit after RBI cut key policy rates -- short term lending and short-term borrowing rates -- by 100 basis points for the third time in less than two months. The market remained in a firm mode ahead of the announcement of inflation data tomorrow. The previous data released on last Thursday hit a seven-month-low, which led to the central bank cutting two leading rates by 100 basis points each to spur lending activities by the banks.

Auto segment stocks regained strength after reports that the US Government was planning to bail out their three big car makers and an announcement expected soon, brokers said.

The biggest support to the market came from realty, metal, oil and gas, capital goods, teck and auto segments.

Realty sector index surged by 12.56 per cent at 2,005.09, metal index by 8.38 per cent at 5,181.92, oil and gas index by 6.97 per cent at 5,906.46, capital goods index by 4.51 per cent at 6,824.14, teck index by 4.31 per cent at 2,053.28 and auto index by 4.16 per cent at 2,375.42.

Power index rose by 4.02 per cent at 1,762.53, bank index by 3.58 per cent at 4,959.29, IT index by 2.89 per cent at 2,454.98, PSU index by 2.42 per cent at 4,748.00, consumer durable index by 2.01 per cent at 1,739.10, healthcare index by 1.04 per cent at 2,850.81 and FMCG index by 0.79 per cent at 1,950.49.

Amid the firming trend and buying spilling over a wide front, midcap index rose by 2.19 per cent at 2,948.24 and smallcap index by 1.56 per cent at 3,395.45.