Business Daily from THE HINDU group of publications
Wednesday, Sep 03, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, Sep 03, 2008 ePaper | Mobile/PDA Version | Audio |
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Stock Markets Industry & Economy - Petroleum Drop in crude price lifts Sensex 550 points The Indian benchmark indices gained the most among the Asian indices Banks and realty stocks were the favourite picks Our Bureau Mumbai, Sept. 2 Equity investors cheered by the drop in crude prices bought shares in the rate sensitive sectors on Tuesday, pushing the Sensex beyond the 15,000-mark and the Nifty above the 4500-mark. The Sensex gained 551 points closing at 15,049, while the Nifty closed 155 points up at 4504. Crude oil registered a sharp fall to around $108 a barrel in the international markets as the hurricane Gustav landfall had little impact on the US oil facilities on the East Coast. The Indian benchmark indices gained the most among the Asian indices. The Hong Kong and Singapore indices gained by 0.65 to 1.58 per cent, respectively, while Japan, China, South Korea and Taiwan closed lower. The major European markets gained after a lower opening. There was heavy institutional buying; FIIs were net buyers of equities for Rs 1,132.25 crore, while the domestic institutional investors too bought shares for Rs 209.79 crore. However, the buying was focused on the large-cap stocks; Sensex and Nifty shares gained between 3.57 and 3.80 per cent. But BSE Midcap gained only 1.66 per cent and BSE Smallcap 1.32 per cent. Banks and realty stocks were the favourite picks. BSE Bankex index rose 6.06 per cent and BSE Realty 7.35 per cent. The other hot picks were PSU, capital goods, power, and oil & gas shares; their respective BSE indices gaining over three per cent. The exchanges registered a sharp rise in turnover. NSE’s turnover rose to Rs 14,181 crore, from Rs 9,850 crore on Monday. Crucial news flows to set the market direction Crude consolidating; to trade in wide range Making the most of a range-bound market More Stories on : Stock Markets | Petroleum | Foreign Institutional Investors
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