Equities maintained early morning gains as traders covered short positions as well as initiated fresh positions in IT stocks. Strong hands also bought into index heavyweight HDFC.
At 11:40 am, the Bombay Stock Exchange was at 13786.51, up 470 points or 3.54 per cent. The 30-share index touched a high of 13,807.09 and low of 13,674.96.
National Stock Exchange’s Nifty was at 4161.70, up 123.55 points or 3.06 per cent. The 50-share index touched a high of 4180 and low of 4040.80 in trade so far.
BSE Midcap Index was up 2.35 per cent and BSE Smallcap Index moved 2.35 per cent higher.
Satyam Computer Services (8.03%), HDFC (8.01%), Infosys Technologies (5.56%), TCS (4.80%) and Wipro (4.76%) were the major Sensex gainers.
US Government rushing to aid its financial markets has come as breather for Indian IT companies who cater mostly to these institutions. BSE IT Index was the top sectoral gainer up by 5.36 per cent.
Traders discounted rise in domestic inflation after global markets bounced back sharply on hopes that US government would do more to bail out economy from the credit crisis.
Asian markets rallied after a late turnaround in the US and after China announced elimination of 0.1 per cent tax on purchase of shares. Nikkei 225 was up 3.51 per cent, Shanghai Composite was surged 9.46 per cent, Kospi moved 4.55 per cent higher and Taiwan Weighted gained 5.82 per cent.
The wholesale price index rose 12.14 per cent in the 12 months to Sep 6, marginally above the previous week's 12.10 per cent and exceeding a Reuters forecast for 12.09 per cent.
European markets are also set for positive open as index futures jump tracking other markets.
No comments:
Post a Comment