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Markets give a thumbs-up

business Updated: Sep 08, 2008 22:07 IST
HT Correspondents
HT Correspondents
Hindustan Times
Highlight Story

The equity markets showed some true vigour on Monday after months of gloom after India sealed the nuclear deal on Saturday and a number of positive cues on oil continue to boost investor sentiment across the globe.

The US Federal Government’s take over of the ailing mortgage giants Fannie Mae and Freddie Mac on Sunday whipped up bullishness across global markets.

The benchmark Sensex of the Bombay Stock Exchange rose 624 points during the day’s trade and breached the 15,000-mark, before closing the day at 14944.97 points, up 461 points, or 3.2 per cent.

“The market primarily drove on sentiment as it remained upbeat on the nuclear deal,” said Aseem Dhru, chief executive officer, HDFC Securities.

The rally was broad based with banking, capital goods, realty and technology sectors leading the surge. The market showed strength with all 30 of the BSE Sensex stocks ending with gains. The companies operating in the power sector and the capital goods industry have been the major gainers during the day, driven by the nuclear deal. “The PSU capital goods and power companies will be the initial beneficiaries and over a period of time the private sector companies will also benefit,” said Sudip Bandyopadhyay, chief executive officer, Reliance Money.