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Markets rise during mid-day trade
India's News.Net
Tuesday 13th January, 2009 (IANS)
Indian equities markets, which opened weak Tuesday, rose during mid-day trading even as rumours built up that the government would reduce fuel prices as early as Thursday.
A key index gained 0.49 percent over Monday's close just before noon but trade remained volatile and analysts expected it to be range bound.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was up 44.77 points or 0.49 percent points little before noon Tuesday and was trading at 9,154.82 points.
The Sensex opened at 9,042.36 Tuesday, lower than its previous close of 9,110.05.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE), however, moved up into green territory and was trading at 2,776.15, 0.14 percent higher.
Other market indices also fell with BSE's midcap index trading 0.44 percent higher and the smallcap index gaining 0.47 percent.
Of the 13 sectoral indices on the BSE, only one - BANKEX, the sectoral index for banking stocks - was ruling negative.
Major gainers around noon included Infosys, which was up 5.14 percent at Rs.1,216 and Tata Power, up 3.31 percent at Rs.727.40.
Among top losers was another Tata firm, Tata Motors, down 3 percent at Rs.157.05 and Grasim Industries, down 2.5 percent at Rs.1,325.
Other Asian markets were also trading lower with Nikkei, a key index of the Tokyo Stock Exchange, falling sharply by 4.45 percent. The Hang Seng, a key index of the Hong Kong Stock Exchange, fell marginally, and was trading 0.07 percent lower than its last close.
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