Sensex climbs 181 pts on firm Asian markets

Monday, March 23, 2009 at 9:03 am

Tracking rising Asian markets, the Bombay Stock Exchange (BSE) benchmark Sensex on Monday (March 23) opened higher by over 181 points on increased buying by funds in heavy-weight blue-chips stocks. The 30-share barometer, which had lost 35.07 in previous trading session on Friday, recovered by 181.46 points, or 2.02 per cent to 9,141.86 points, led by metals, power, oil and gas, capital goods and Banking shares in the first five minutes of trading. The wide-based National Stock Exchange’s Nifty also rose by 57.05 points or 2.02 per cent to 2,864.10 points.

Buying activity picked up on the domestic markets in line with firming trends on the other Asian equity markets. Stock brokers said apart from buying by funds, covering up of short positions by speculators also supported the rally. In the Asian region, the Hong Kong benchmark Hang Seng shot up by nearly three per cent, while Japan’s Nikkei surged 2.80 per cent in early trade today. On the BSE, shares of Tata Motors — the country’s largest vehicle maker — were in the limelight today ahead of the launch of its eagerly awaited ‘Nano’ and shot up by 5.03 per cent to Rs 169. Nearly 4.72 shares changed hands in the opening trade.

Other gainers which supported the Sensex were Reliance Industries by 2.38 per cent to Rs 1,370.40, Reliance Infra by 3.85 per cent to Rs 501.50, Sterlite Industries by 5.39 per cent to Rs 332.65, Tata Steel by 2.87 per cent to Rs 181.15 and Hindalco by 1.16 per cent to Rs 48.15. Besides, banking majors, State Bank of India gained 1.43 per cent to Rs 967.15, ICICI Bank by 2.17 per cent to Rs 329.90 and HDFC Bank by 0.99 per cent to Rs 846.

(With inputs from agencies)

( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)

Sensex climbs 181 pts on firm Asian markets

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