Asian Economic News
Indian Market Snaps 6-day Losing Streak
11/4/2009 6:04 AM ET
(RTTNews) -
The Indian market saw a sharp rebound on Wednesday as investors bought battered frontline stocks amid favorable global cues. Short covering after recent losses and a positive talk by finance minister Pranab Mukherjee on the economy, stimulus measures and reforms also helped the market snap a six-day losing streak.
The fiscal stimulus will continue for some more time to allow its impact to fully run through the economy, the finance minister said on Tuesday at an annual Economic Editors conference. There were distinct signs of pick-up in the economy, he said and signaled that the government's economic reform strategy would focus on inclusive growth, fiscal consolidation, debt management and mobilizing additional resources through disinvestment proceeds.
Additionally, sentiment was helped by more optimism about China as the World Bank raised its 2009 growth forecast for the country to 8.4% compared to its June forecast for 7.2% growth.
Elsewhere, Asian and European stocks bounced back on Wednesday, led by financials and resource-related stocks. The Dow futures are currently up 66 points, pointing towards a positive opening on Wall Street Wednesday morning ahead of the Federal Reserve's rate decision.
Back home, the BSE Sensex saw a steady uptrend all through the day to close near the day's high at 15,912, up 507 points or 3.29% and the S&P CNX Nifty rose 147 points or 3.22% to 4,711. The BSE mid-cap index moved up 3.54% and the small-cap index by 2.18%. The market breadth on the BSE was fairly positive, with 1771 gainers versus 949 decliners.
Among the top gainers, Jaiprakash Associates surged up 9.42% after its cement shipments rose over 41% in October from a year earlier. TCS advanced over 3% on reports it has bagged a £150-million software implementation contract from the Cardiff City Council,U.K.
Among commodity-related stocks, Hindalco Industries jumped 9.16%, Sterlite Industries rallied 6.63%,
and Tata Steel advanced 5.33%.
Bharti Airtel gained 1.88% and Reliance Communication added 2.08% after underperforming the broader market in recent sessions.
DLF(up 8.48%), Reliance Industries(up 5.49%), ICICI Bank(up 5.16%), Infosys(up 4.69%), ACC(up 4.02%), Mahindra & Mahindra(up 3.76%), Reliance Infrastructure(up 3.65%), Tata Motors (up 3.19%) and Maruti Suzuki (up 3.06%) were the other prominent gainers.
However, Sun Pharma, Grasim Industries and Tata Power ended in the red with modest losses.
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