Sensex up 112 points in opening trade

Thursday, January 29, 2009 at 9:01 am

The stock market continued its upward movement for the third straight session today (January 29), with the BSE benchmark Sensex rising by another 112 points in opening trade largely in line with firming trends in the overseas equity markets after the US house approved stimulus plan.

The 30-share index which had gained over 580 points in the previous two sessions, moved up by 112.71 points, or 1.20 per cent to 9,370.18 points in opening trade with realty, banking, metal and Information Technology sector stocks gaining. Similarly, the broader National Stock Exchange Nifty gained 24.35 points to 2,873.85.

Marketmen said firming trends on the other Asian markets in line with overnight gains on the US markets after the US house of representatives approved second stimulus plan of $819-billion to revive the world’s largest economy mainly buoyed the trading sentiment.

They said a cut in fuel prices up to 11 per cent yesterday by the government also enthused the trading sentiment on hopes that the move could accelerate downward trend in inflation.

Major gainers which supported the Sensex were ICICI Bank by four per cent at Rs 424.70, State Bank of India by 2.01 per cent at Rs 1,110.45, Reliance Industries by one per cent to Rs
1,286.60, Larsen and Toubro by 2.03 per cent at Rs 685, BHEL by 0.94 per cent at Rs 1,393.65 and Infosys Technologies by 2.67 per cent at Rs 1,285.20. Tata Steel stocks despite disappointing third quarter earnings traded 2.64 per cent higher at Rs 176.85.

Meanwhile, the US Dow Jones Industrial Average closed 2.46 per cent higher yesterday, while Hong Kong’s Hang Seng shot up by 5.9 per cent and Japan’s Nikkei moved up 1.66 per cent in early trade today.

( 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 up 112 points in opening trade

From World:

Todays news from Business News

Advertisement

Email Subscription

Advertisement