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Mumbai: A benchmark
index for Indian equities markets Tuesday surged 305 points on
positive global cues and after ratings agency Moody's said India's
outlook is stable. Banks, consumer durables, metal, capital goods
and fast moving consumer goods (FMCG) stocks gained the most.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange
(BSE), which opened at 18,616.55 points, was ruling at 18,842.08
points, up 305.07 points or 1.65 percent from its previous close
at 18,537.01 points.
The benchmark index touched a high of 18,862.70 points and low of
18,616.55 points intra-day. The BSE midcap index was up 84.37
points, while the smallcap index was higher by 53.88 points.
The wider 50-scrip S&P CNX Nifty of the National Stock Exchange
was up 91.55 points or 1.62 percent at 5,727.45 points.
Moody's said India rating outlook is stable because of the
country's strong economic growth along with high savings and
investment rates.
"India's Baa3 rating and stable outlook are supported by credit
strengths which include a large, diverse economy, strong GDP
growth and savings, and investment rates that exceed emerging
market averages," the rating agency said in its 'Credit Analysis
on India' report.
Market sentiment also improved on indications that the UPA
government may tide over the political storm over FDI in retail
sector that has paralysed parliament the past four days.
Ealier in the day, the impact of other Asian markets which gained
after a deal on new debt targets for Greece and a political
agreement on disbursing the next installment of aid was reflected
in shares.
The bank index was up 242.09 points, while the consumer durables
index edged higher by 240.51 points, followed by metals index, up
134.99 points, FMCG index, up 124.30 points, capital goods index,
up 107.70 points and auto index, up 101.41 points.
Among the gainers were Bharti Airtel, up 5.22 percent at
Rs.326.55; Sterlite Inds, up 3.56 percent at Rs.101.95; HDFC, up
2.79 percent at Rs.797.40; HDFC Bank, up 2.69 percent at
Rs.680.20; and Hindalco Inds, up 2.55 percent at Rs.112.40.
Only two of the 30 Sensex scrips were in red.
The major Sensex losers were NTPC, 0.38 percent lower at Rs.158.60
and ONGC, down 0.08 percent at Rs.249.75.
Among other Asian markets, Japan's Nikkei rose 0.37 percent, but
Hong Kong's Hang Seng declined 0.08 percent. China's Shanghai
Composite Index was lower by 1.30 percent.
All major European markets were trading flat. Britain's FTSE 100
was up 0.29 percent, while the German DAX was trading higher by
0.39 percent. The French CAC 40 index was also up 0.14 percent.
The Indian markets will remain closed Wednesday for Guru Nanak
Jayanti.
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