Sensex up 105 pts in early trade on stimulus package hopes
The 30-share index moved up by another 105 points to 9,638.52 in the opening trade with all the sectoral indices trading in the positive zone between 0.14 and 1.76 per cent.business Updated: Dec 30, 2008 11:09 IST
The benchmark Sensex on Tuesday gained 105 points in early trade on Tuesday on expectations that the government may announce more sops in the second stimulus package soon to boost the sagging economy, amid firming trend in other Asian equity markets.
The 30-share index, which had gained 204.60 points in yesterday's highly volatile session, moved up by another 105 points, or 1.01 per cent, to 9,638.52 in the opening trade with all the sectoral indices trading in the positive zone between 0.14 and 1.76 per cent.
The wide-based National Stock Exchange's Nifty moved up by 33.80 points, or 1.1 per cent, to 2,956 points.
Brokers said trading sentiments buoyed on expectations that the government may announce its second stimulus package soon with a slew of measures to revive the slowing economy.
They said reports of a firming trend in the Asian markets, with Japan's Nikkei rising by 1.28 per cent, while Hong Kong's Hang Seng moving up 1.09 per cent in early trade also influenced the trading sentiment.
Major gainers supporting the Sensex were Reliance Industries, up Rs 12.70 or 1.02 per cent, to Rs 1,260, Reliance Infra Rs 6.70, or 1.19 per cent, to Rs 569.10 and RCom Rs 4.15, or 1.95 per cent, to Rs 217.
Shares of Satyam computers traded heavily and gained Rs 5.10 or 3.44 per cent, to Rs 153.35 despite three more directors resigning from the company's board yesterday.
Other stocks trading firm were BHEL, Larsen and Toubro, Grasim Industries, DLF Ltd, HDFC Bank, ICICI Bank, Mahindra & Mahindra, Maurti Suzuki, Tata Motors, Ranbaxy Laboratories and Sterlite Industries.