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Showing posts with label sensex in may 2009. Show all posts
Showing posts with label sensex in may 2009. Show all posts

Monday, May 18, 2009

BSE | NIFTY surges 17 perc and 17.5 perc resp

Trading in Indian stocks was halted Monday after shares in key benchmarks surged more than 17%  triggering market circuit breaker rules.

India's surge helped boost sentiment in other regional markets. While Japanese shares closed lower, before the start of Indian trading, exchanges open later, including Hong Kong, Shanghai and Singapore all ended higher.
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The Sensex closed 17.3% higher at 14,284.21, while the 50-stock S&P CNX Nifty rallied 17.7% to 4,323.15.

"The election in India is showing a clear mandate there, and probably underlines to a lot of investors there that Asia is going to be the growth area for the next six to nine months, whereas growth in Europe and U.S. could take much longer," said Andrew Sullivan, a sales trader at Main First Securities in Hong Kong.

Minutes after the opening, the 30-stock Sensitive Index, or Sensex, rose 10.7% while the National Stock Exchange Nifty rose 14.5%, triggering a two-hour trading suspension. Immediately at the resumption of trade, shares surged further, prompting a trading suspension for the rest of the day.
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"A pro-reform/stable government is just what India needs, amid signs of economic expectations bottoming out, to inspire investor confidence. We have argued that the stability of the newly-elected government, rather than the coalition dynamics, would be crucial for" sentiment, said analysts at Standard Chartered.

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Some market observers were disappointed, however. Sharmila Joshi, an investment adviser in Mumbai, said "I have never seen anything like this... These kind of gap-up openings are ultimately bad for the market, as they don't give one a chance to participate. Today, it was impossible to participate."

Among the big gainers, shares of market heavyweight Reliance Industries climbed 20.6% and ICICI Bank advanced 25.4%, while property major DLF gained 25.9%.

Also read -
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-TATA'S are more reputed then Google, MSoft
-BSE aims at internationalization of listing businessNEW !!
-Effect of Recession on Indian Economy
-Economies hit by recession
-World's Strongest economies list
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The local currency also surged, with the U.S. dollar recently down to 47.96 rupees from a previous close of 49.38 rupees.

Morgan Stanley raised its earnings estimate and Sensex targets after the poll outcome. Analysts there said they now expect the Sensex companies to post aggregate earnings growth of 2.5%, compared with a prior forecast of a 10% contraction, this fiscal year. Morgan Stanley raised its Sensex target for 2009 to 15,300.

Saturday, the Congress-led United Progressive Alliance secured 262 seats out of the 543 up for grabs, falling just short of the 272 majority mark. The alliance is expected to make up the difference with support from smaller parties and independents. The outcome beat the most optimistic exit polls.

 

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