Business Daily from THE HINDU group of publications
Tuesday, Dec 09, 2008
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Business Daily from THE HINDU group of publications Tuesday, Dec 09, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stock Markets Markets - Stock Markets Our Bureau Mumbai, Dec. 8 A late sell off on Monday pared the gains of more than 5 per cent in the benchmark indices earlier in the day. The Sensex opened with a positive gap of 311 points, boosted by the weekend stimulus package from the Government, the rate cuts by the Reserve Bank and the reduction in petrol and diesel prices. Around mid-trade it had gained 466 points or 5 per cent from its previous close, but ended the day with a gain of 2.2 per cent after the burst of volatility at close of trade which has become a characteristic of the last two weeks. The Nifty gained 2.6 per cent, at 2,784. “Profit booking in the last hour, ahead of the holiday on Tuesday, led to fall in the markets as nobody wants to keep open positions in such turbulent times,” said Mr Amitabh Chakarborty, President (Equity), Religare Securities. The Indian markets underperformed most of the Asian markets which gained between 5 and 8 per cent. The domestic financial institutions were net sellers of equities for Rs 617 crore, while the FIIs were net buyers of equities for Rs 350 crore, provisional data on the exchanges showed. Sensex heavyweight Reliance Industries closed flat at Rs 1,120 after gaining more than 5 per cent, on reports of a fire at Reliance Petroleum’s new refinery. Govt cuts excise duty, offers sops for key export sectors 3 booster doses: Will the economy respond? RBI signals cheaper loans More Stories on : Stock Markets | Stock Markets
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