Monday, December 15, 2008

Markets Surge On Hopes For Second Stimulus Package - Dec 15, 2008

The benchmark indices are trading in positive, as they wait for the second stimulus package for the economy. The IIP numbers depicted a shear in the production by many manufacturing companies due to economic slowdown. However, the reaction to the same was not too harsh as the Government assured of second fiscal sops and additional interest rate cuts by RBI. In addition, the investors are eying on the rate cut by US FED and the bailout package for Auto giants. The sectoral indices are trending on a higher side Metal, Bankex, Capital Goods and Oil & Gas on the top. The market breath is favoring advance, as 1,521 stocks are trading in green and about 332 stocks in red on the broader BSE.

At 11.30 AM, the BSE Sensex is gaining by 218.57 points at 9908.65 whereas NSE Nifty by 82.55 points at 3000.35. The BSE Mid Cap and BSE Small Cap are trading higher by 110.57 points and 115.61 points at 3161.05 and 3646.57 respectively.

Gainers from the NSE Nifty Pack are Cairn India up by (11.94%) at Rs.169.75 along with Unitech Ltd by (10.33%) at Rs.37.90, Hindalco Ind by (10.22%) at Rs.58.25, SAIL by (9.50%) at Rs.87.60 and Grasim Ind by (9.10%) at Rs.1,171.00.

Gainers from the BSE Sensex Pack are Hindalco Ind that surged by (9.74%) to Rs.58.05 along with Grasim Ind by (8.61%) at Rs.1,166.00, Tata steel by (8.08%) at Rs.235.50, M&M by (6.84%) at Rs.313.00 and Sterlite Ind by (5.51%) at Rs.309.00.

BSE Metal index is trading higher by (6.63%) or 348.88 points at 5,614.01. The major gainers are Hindalco Ind trading up by (10.49%) at Rs.58.49, SAIL by (9.81%) at Rs.87.85, Tata steel by (8.21%) at Rs.235.80, Sesa Goa by (7.79%) to Rs.84.40, followed by JSW Steel by (7.50%) to Rs.243.55.

BSE Bankex is trading higher by (3.81%) or 192.77 points at 5,256.02. The top gainers in the index are Indus Ind Bank increased by (15.93%) to Rs.39.30, Indian Overseas Bank by (7.20%) to Rs.73.70, Kotak Bank up by (6.55%) to Rs.397.50 followed by Yes Bank by (5.22%) at Rs.77.60.

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