markettrend766
03-11-2008, 06:54 PM
The benchmark Sensex on Monday regained 10,000-points mark and endded by 549.62 points to finish at 10,337.68 on heavy buying by funds as well as retailers, sparked by RBI's announcement of fresh set of measures to infuse more liquidity into the financial system. The 30-share index, had gained almost 1,200 points in the past three sessions
The wide-based National Stock Exchange's Nifty also closed by 158.25 points, or 5.43 per cent, at 3,043.85 points.
Market men said appreciating rupee, which strengthened by almost one per cent to 48.99 a dollar today, also impacted the trading sentiments.
The sentiments turned bullish after the Reserve Bank slashed CRR, the amount which banks have to park with it, by one per cent to 5.5 per cent, while the repo rate, at which the central bank lends to banks, was cut by 0.5 per cent to 7.5 per cent.
Stock analysts said rate cut will improve much needed liquidity in the financial sector, triggering all-round buying by funds. They said banking sector stocks were leading the rally, contributing major support to the Sensex.
Banking sector stocks shot up by 375.33 points, or 7.49 per cent. Among banking stocks, ICICI Bank surged by 9.23 per cent at Rs 436.20, State Bank of India rose by 7.80 per cent at Rs 1,196.05.
Besides, ACC, Bharti Airtel, BHEL, DLF Ltd, HDFC Bank, HDFC Ltd, Infosys Technologies, Satyam Computers, Reliance Industries, Reliance Infra, RCom and Ranbaxy also moved up. Meanwhile, among other Asian equity markets, Hong Kong's Hang Seng Index was up by 4.8 per cent in early trade today
The wide-based National Stock Exchange's Nifty also closed by 158.25 points, or 5.43 per cent, at 3,043.85 points.
Market men said appreciating rupee, which strengthened by almost one per cent to 48.99 a dollar today, also impacted the trading sentiments.
The sentiments turned bullish after the Reserve Bank slashed CRR, the amount which banks have to park with it, by one per cent to 5.5 per cent, while the repo rate, at which the central bank lends to banks, was cut by 0.5 per cent to 7.5 per cent.
Stock analysts said rate cut will improve much needed liquidity in the financial sector, triggering all-round buying by funds. They said banking sector stocks were leading the rally, contributing major support to the Sensex.
Banking sector stocks shot up by 375.33 points, or 7.49 per cent. Among banking stocks, ICICI Bank surged by 9.23 per cent at Rs 436.20, State Bank of India rose by 7.80 per cent at Rs 1,196.05.
Besides, ACC, Bharti Airtel, BHEL, DLF Ltd, HDFC Bank, HDFC Ltd, Infosys Technologies, Satyam Computers, Reliance Industries, Reliance Infra, RCom and Ranbaxy also moved up. Meanwhile, among other Asian equity markets, Hong Kong's Hang Seng Index was up by 4.8 per cent in early trade today