Sensex up 109 pts; Nifty regains 3,000-mark in opening trade
The benchmark Sensex, which had gained over 386 points in the past two sessions, moved up by 109.74 points to 9,825.90 in the opening trade.business Updated: Dec 31, 2008 10:56 IST
The benchmark Sensex rose by over 109 points in opening trade on Wednesday--the last session of 2008 --largely on expectations of a second stimulus package to be announced by the government anytime this week and cuts in key rates by RBI, amid a firming trend in the global markets.
The BSE barometer, which had gained over 386 points in the past two sessions, moved up by 109.74 points to 9,825.90 in the opening trade, with all the sectoral indices trading in the positive zone, led by auto, capital goods and IT sectors.
The wide-based National Stock Exchange's Nifty regained 3,000-point level and moved up by 23.15 points to 3,002.65.
Marketmen said trading sentiments were buoyed on expectations that the government is likely to announce more fiscal measures soon in its second package to stimulate the slowing economy. Besides, the hopes of a cut in interest rates by the Reserve Bank was another positive factor, they said.
Among auto stocks, Maruti Suzuki gained 0.17 per cent to Rs 518.50, Tata Motors gained 1.95 per cent to Rs 159.15 and Bajaj Auto gained 1.18 per cent to Rs 391 on reports that the US Treasury would help out to troubled General Motors.
Stocks of RCom continued its upward march for the second straight session and gained 4.01 per cent to Rs 237.25 after reports that the company has launched nationwide GSM service.
Other gainers were Reliance Industries, up 0.48 per cent to Rs 1254.95, Reliance Infra by 1.58 per cent to Rs 594.50, Satyam Computers by 5.54 per cent to Rs 169.50, BHEL by 1.31 per cent to Rs 1392, L&T by 1.99 per cent to Rs 785.30 and State Bank of India by 0.94 per cent to Rs 1,301.
Meanwhile, the Dow Jones Industrial Average in the US market closed 2.17 per cent, while London's FTSE closed 1.75 per cent higher yesterday.
Among Asian bourses, Hong Kong's Hang Seng was up 1.22 per cent and Singapore's Strait up 0.10 per cent in early trade.