The markets today open significantly higher in line with the Asian markets. The markets today got a boost on the back of the economic stimulus package announced by the government yesterday and also by the RBI move of cutting rates. All the sectorial indices are trading in green in the opening trade. The Realty, Metal, Auto, Banking and Capital Goods stocks are on the buyer’s ride today.
The Reserve Bank of India has cut repo rate by 100 bps to 6.5% and reverse repo rate by 100 bps to 5%, both rates got effective from today.
The Government of India has announced a Rs 20,000-crore fiscal stimulus package on Sunday. The government has cut 4% ad valorem cenvat rate on non-petroleum products and will provide additional Rs 1,400 crore for textile upgradation fund. Exporters will get 2% interest subvention up to March ''09.
The BSE Sensex is now trading around the 9,300 mark and the NSE Nifty is trading above the 2,800 mark.
The Asian markets are also trading higher as Hang Seng, Nikkei, Seoul Composite and Shanghai Composite index are trading higher by (7.52%), (4.31%), (7.42%) and (2.63%) respectively.
The US stock market on Friday ended higher, reversing their earlier losses as the financial sector rallied after an insurer Hartford Financial Services Group Inc. hiking its earning forecast for the year. This has weighed heavily over the worst jobs data in decades and the highest percentage of delinquent mortgages on record. The Dow Jones Industrial Average (DJIA) surged by 259.18 points to close at 8,635.42. The NASDAQ Composite (RIXF) index increased by 63.75 points to close at 1,509.31 and the S&P 500 (SPX) grew 30.85 points to close at 876.07.
DLF reported a top gainer among the BSE Sensex pack up by (7.56%) at Rs. 218.50 followed by Grasim Industries up by (7.35%) at RS. 1,009.
The overall market breadth remains positive as 1053 stocks are advancing while 263 stocks are declining on BSE.
At 10.33AM, the BSE Sensex was up by 326.37 points at 9,291.57 and the Nifty was up by 96.10 points to 2,810.50.
The BSE Mid Cap increased by 46.61 points to 2,939.56 and the BSE Small Cap advanced by 50.30 points to 3,373.84.
BSE Realty index is trading higher by 118.65 points or (7.01%) to trade at 1,810.84. The top gainers are Parsavnath increased by (8.31%) to Rs.43, Unitech up by (8.12%) to Rs.33.30, Ansal Infra inclined by (7.87%) to Rs.28.10 followed by DLF grew by (7.75%) to Rs. 218.90.
BSE Metal index is trading higher by 217.75 points or (4.69%) to trade at 4,857.48. The major gainers are NMDC inclined by (7.16%) to Rs. 140.60, Sesa Goa up by (6.30%) to Rs.81.05, SAIL increased by (6.18%) to Rs.70.40 followed by Tata Steel grew (4.62%) to Rs.191.25.
Unitech is trading higher by (8.12%) at Rs. 33.30. The company said it will mobilize up to Rs 2,500 crore through sale of some assets and equity to retire part of its Rs 8,000 crore debt by March, 2009 in order to get through the financial crunch.
The Reserve Bank of India has cut repo rate by 100 bps to 6.5% and reverse repo rate by 100 bps to 5%, both rates got effective from today.
The Government of India has announced a Rs 20,000-crore fiscal stimulus package on Sunday. The government has cut 4% ad valorem cenvat rate on non-petroleum products and will provide additional Rs 1,400 crore for textile upgradation fund. Exporters will get 2% interest subvention up to March ''09.
The BSE Sensex is now trading around the 9,300 mark and the NSE Nifty is trading above the 2,800 mark.
The Asian markets are also trading higher as Hang Seng, Nikkei, Seoul Composite and Shanghai Composite index are trading higher by (7.52%), (4.31%), (7.42%) and (2.63%) respectively.
The US stock market on Friday ended higher, reversing their earlier losses as the financial sector rallied after an insurer Hartford Financial Services Group Inc. hiking its earning forecast for the year. This has weighed heavily over the worst jobs data in decades and the highest percentage of delinquent mortgages on record. The Dow Jones Industrial Average (DJIA) surged by 259.18 points to close at 8,635.42. The NASDAQ Composite (RIXF) index increased by 63.75 points to close at 1,509.31 and the S&P 500 (SPX) grew 30.85 points to close at 876.07.
DLF reported a top gainer among the BSE Sensex pack up by (7.56%) at Rs. 218.50 followed by Grasim Industries up by (7.35%) at RS. 1,009.
The overall market breadth remains positive as 1053 stocks are advancing while 263 stocks are declining on BSE.
At 10.33AM, the BSE Sensex was up by 326.37 points at 9,291.57 and the Nifty was up by 96.10 points to 2,810.50.
The BSE Mid Cap increased by 46.61 points to 2,939.56 and the BSE Small Cap advanced by 50.30 points to 3,373.84.
BSE Realty index is trading higher by 118.65 points or (7.01%) to trade at 1,810.84. The top gainers are Parsavnath increased by (8.31%) to Rs.43, Unitech up by (8.12%) to Rs.33.30, Ansal Infra inclined by (7.87%) to Rs.28.10 followed by DLF grew by (7.75%) to Rs. 218.90.
BSE Metal index is trading higher by 217.75 points or (4.69%) to trade at 4,857.48. The major gainers are NMDC inclined by (7.16%) to Rs. 140.60, Sesa Goa up by (6.30%) to Rs.81.05, SAIL increased by (6.18%) to Rs.70.40 followed by Tata Steel grew (4.62%) to Rs.191.25.
Unitech is trading higher by (8.12%) at Rs. 33.30. The company said it will mobilize up to Rs 2,500 crore through sale of some assets and equity to retire part of its Rs 8,000 crore debt by March, 2009 in order to get through the financial crunch.
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