Business Daily from THE HINDU group of publications
Tuesday, Nov 04, 2008
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Business Daily from THE HINDU group of publications Tuesday, Nov 04, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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CRR & Bank Rates Markets - Stock Markets Our Bureau Mumbai, Nov. 3 Equity and currency markets rose on Monday, buoyed by the massive liquidity support announced by the Reserve Bank of India on Saturday. The benchmark Sensex regained the 10,000-mark, in what the marketmen termed as a relief rally. The index closed up 550 points or 5.62 per cent to close at 10337.68. The broader Nifty gained 5.48 per cent to end at 3043.85. The rupee gained 80 paise against the US dollar to 48.64/65. Significantly, foreign institutional investors were net buyers of equities worth Rs 364 crore. This is the second session in more than a fortnight when FIIs were net buyers, while domestic institutions were net sellers for Rs 97 crore. “A major contributor to today’s rally was the cut in both the repo and CRR rates by the RBI on Saturday. This has brought an end to the high interest rate regime. The global markets, too, were mostly in the black”, said Mr P.K. Agarwal, President-Research, Bonanza Portfolio. The Hang Seng was up 5.3 per cent, the Kospi 1.4 per cent, ASX 200 5 per cent. The Dow closed up 1.7 per cent on Friday. The sectoral indices which gained the most on the BSE were rate-sensitive sectors such as Bankex, Capital Goods and Realty. The rupee strengthened on the back of a weak greenback and expectations of dollar inflows fuelled by the Sensex surge. It is ‘recession’ for one in seven of NSE-listed cos RBI opens liquidity tap again; signal for rate cuts RBI cuts cash reserve ratio SEBI warns of stern action against lending shares overseas RBI moves to inject liquidity to MFs; banks not enthused Curbs on P-notes lifted More Stories on : CRR & Bank Rates | Stock Markets
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