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New Year brings cheers to investors

The first trading session of 2008 on Indian stock markets started on an optimistic note, with a key index opening with a gain of 38 points on Tuesday.

business Updated: Jan 01, 2008 14:22 IST

The first trading session of 2008 on Indian stock markets started on an optimistic note, with a key index opening with a gain of 38 points on Tuesday.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened 38 points up at 20,287 points.

The broader 50-share S&P CNX Nifty Index of the National Stock Exchange (NSE) opened 11 points up at 6,150 points, against the previous close of 6,139.

The market opened on a firm note with buying in blue-chip stocks. There was a strong demand for small-cap stocks.

2007 had been another good year for Indian bourses, with the Sensex recording its second fastest rally in five years with a gain of 47.1 percent.

"Foreign institutional investors are expected to invest Rs.1 trillion ($25 billion) and mutual funds to the tune of Rs.10 billion ($254 million) in the cash segment during this year," Ajay Bagga, CEO, Lotus India Mutual Fund, told IANS.

High economic growth, reduction in inflation and corporate earnings growing by more than 25 percent will also boost market sentiments during 2008, he said.