Markets go bullish on New Year's day

Friday, 02 January 2009, 15:06 IST   |    1 Comments
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Mumbai: Indian equities markets turned bullish on the first day of the New Year, with a key index gaining 2.66 percent over its previous close. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed in the green Thursday at 9,903.46 points, a rise of 256.15 points or 2.66 percent from its previous close of 9,647.31 points. The markets were largely positive with 2001 stocks advancing against 493 declining. Sixty-six stocks remained unchanged. The broader S&P CNX Nifty index of the National Stock Exchange (NSE) went up 2.51 percent to close at 3,033.45 points. Other market indices also moved north, with BSE's midcap index rising 2.6 percent and the smallcap index gaining 3.46 percent. All 13 sectoral BSE indices ended in the green with realty and metal stocks doing better than others. "January is a crucial month as a lot of companies will start divulging financial results. One has to be very careful in not taking occasional spurts as one particular trend - bearish or bullish," Jagannadham Thunuguntla, head of the capital markets arm and director of India's fourth largest share brokerage firm, the Delhi-based SMC Group. The top gainers on the Sensex include Reliance Communications (up 7.99 percent to close at 227.25), Tata Motors (up 7.48 percent at 159.05) and Satyam Computers (up 7.17 percent at 170.15). Losers on the Sensex included Ranbaxy Labs (down 0.97 percent at 252.40) and ITC (down 0.03 percent at 171.45).
Source: IANS
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