Sensex up on fiscal package from Govt
The benchmark Sensex index closed 2.2 per cent, or 197 points, higher at 9,163 points, buoyed by the package announced by the government to boost the economy, reports HT Correspondent.business Updated: Dec 08, 2008 21:45 IST
The benchmark Sensex index closed 2.2 per cent, or 197 points, higher on Monday at 9,163 points, buoyed by the package announced by the government to boost the economy. Factors ranging from lower fuel prices to cutting of key rates by the Reserve Bank of India seem to have boosted the morale of the market. The Nifty ended up 2.56 per cent, or 72 points, at 2,784.00. The early gains it witnessed fell after news of a minor fire at Reliance Petroleum’s new refinery broke out.
The Sensex, which saw a strong start, settled at 9,163, a rise of 197 points, or 2.2 per cent, over its previous close. However, it fell at the fag end from day's high 9,432 points on selling pressure due to profit-booking. Domestic institutional investors were believed to be booking profits at the current price levels.
Meanwhile, Asian stocks jumped to a three-week high on Monday, with investors taking heart from a rescue plan for US automakers, falling oil prices and more government stimulus measures to limit the economic damage from the credit crisis.