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Sensex climbs 3.4 pct to cross 10,000 mark

March 26, 2009

The Sensex jumped 335 points on Thursday to cross the 10,000 mark, driven by strong global markets and short covering in monthly derivative contracts.

There was positive sentiment in most Asian markets, which are seen to influence the Indian benchmark, after U.S. economic data showed that stimulus measures were starting to take effect.INDIA-BUDGET

The Indian rally was led mostly by capital goods (up 5.4 percent), power (up 4.02 percent), metals (up 3.9 percent) and banking stocks (up 3.3 percent).

The top gainers included Tata Motors (up 7.9 percent), Tata Steel (up 5 percent), L&T (up 6.1 percent) and Reliance Industries (up 2.1 percent).

The power sector saw good activity with Crompton Greaves (up 14.1 percent), BHEL (up 5.8 percent) and Tata Power (up 5.5 percent) sending the BSE Power Index higher by over 4 percent.

Akruti City, which ended down over 55 percent to close at 819 rupees, pulled the BSE Realty Index lower by 4.5 percent.

FII data showed a positive net investment in equities of $73.8 million, while a net sell off of $19.3 million was seen in debt.

The 50-share NSE index ended 3.2 percent up at 3,082.25, after touching the day’s high of 3,103.35.

The market rallied today on big volumes. Do you think it will be able to close the week on a high note?

Comments

Sensex in today’s trading closed in 5 digits(10,003).Can’t say whether this is a relief rally or due to early signs of economy turning around.

Corporate profits in 2008-2009 are likely to be lower than previous year.A dividend cut is anticipated which
could impact dividend yield.This may affect markets in April.

Let us hope Friday’s trading is oye!oye!

Posted by A.Kapoor | Report as abusive
 

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