Key benchmark indices opened on a buoyant note tracking positive
Asian stocks and firm US index futures after China announced a $586
billion package to revive growth in the world's fourth-largest
economy. The BSE Sensex surged past the 10,000 mark and the S&P CNX
Nifty raced past the 3,000 mark in opening trade. Metal stocks
rallied on hopes Chinese demand will rise after the stimulus
package.
The Dow and Nasdaq futures were up 1.40% and 1.44% respectively,
indicating firm start today, 10 November 2008.
Most Asian markets were trading firm today, 10 November 2008.
China's Shanghai Composite surged 4.98% after it announced a
massive economic stimulus package worth $586 billion in an attempt
to bolster its weakening economy. The government has also promised
to loosen credit conditions and cut taxes.
Key benchmark indices in Hong Kong, Japan, Singapore and South
Korea were up by between 0.94% and 5.11%. However Taiwan's Taiwan
Weighted was down 0.76% despite announcing 25 basis points cut in
interest rates for the fourth time in two months after exports
dropped in October 2008 by most in three years.
At 10:25 IST, the BSE 30-share Sensex was up 203.75 points, or
2.04%, to 10,168.04. The Sensex opened 190.27 points higher at
10,154.56. The Sensex rose 316.68 points at the day's high of
10,280.97. At the day's low of 10,095.90, the Sensex rose 131.61
points.
The S&P CNX Nifty gained 64.85 points, or 2.12%, to 3,036
The market breadth, indicating the overall health of the market,
was strong on BSE with 980 shares advancing as compared with 341
that declined. 34 shares remained unchanged.
The total turnover on the BSE amounted to Rs 330 crore by 10:30 IST
Among the 30-member Sensex pack, 26 advanced while the rest
declined.
Metal shares dominated the list of Sensex gainers surged on hopes
Chinese demand will rise after the stimulus package, with the BSE
Metal index advancing 5.91% to 5,456.76, the most among BSE
sectoral indices,
India's top aluminium and copper producer by sales, Sterlite
Industries jumped 8.88% to Rs 268 on 2.32 lakh shares. It was the
top gainer from the Sensex pack.
Tata Steel (up 4.71% to Rs 199.05) and Hindalco Industries (up
4.22% to Rs 63), were the other gainers from the metal pack.
India's largest private sector company by market capitalization and
oil refiner Reliance Industries (RIL) advanced 2.89% to Rs 1253
Jqaiprakash Associates (up 3.93% to Rs 91.05), ONGC (up 4.11% to Rs
772.05), and ICICI Bank (up 3.42% to Rs 446), edged higher from the
Sensex pack.
Auto stocks were mixed after latest data showing fall in October
2008 sales. Maruti Suzuki India (down 1.78% to Rs 587) and Mahindra
& Mahindra (down 1.52% to Rs 366.60), slipped
However India's top truck maker by sales Tata Motors rose 1.13% to
Rs 160.70.
According to the figures released by the Society of Indian
Automobile Manufacturers (Siam), passenger car sales declined 6.6%
to 98,900 units in October 2008 over October 2007. Sales of trucks
and buses fell 35.9% to 28,027 units.
HDFC Bank, the country's largest private sector bank by market
capitalisation lost 2.62% to Rs 1060.95 and was the top loser from
Sensex pack.
Reliance Communications (down 1.21% to Rs 225.40), and TCS (down
0.87% to Rs 520), edged lower from Sensex pack.
Among the side counters, Firstsource (up 15.54% to Rs 19.70),
Arvind Mills (up 16.57% to Rs 19.01), and Aurobindo Pharma (up
13.48% to Rs 128.40), surged.
US markets surged on Friday, 7 November 2008 despite another round
of weak economic and earnings data on speculation that the federal
reserve will lower interest rates, after traders shrugged off a
bigger than expected loss in jobs. Nonfarm payrolls declined
240,000 in October 2008, lifting the unemployment rate to a 14-year
high of 6.5%. President-elect Obama said America needs a rescue
plan for the middle class, including a fiscal stimulus plan.
The Dow Jones industrial average jumped 248.02 points, or 2.85%, to
8,943.81. The S&P 500 index advanced 26.11 points, or 2.89%, to
930.99, and the Nasdaq composite index added 38.70 pints, or 2.41%,
to 1,647.40.
Back home, the 30-share BSE Sensex was up 230.07 points or 2.36% at
9,964.29 and the 50-unit S&P Nifty was up 80.35 points or 2.78% to
2,973 on Friday, 7 November 2008 after data showed rise in
infrastructure sector output and positive global cues.
US light crude for December 2008 delivery rose $2.86 to $63.90 a
barrel, today, 10 November 2008, rebounding after sliding on
Friday, 7 November 2008, to a 1-1/2-year low below $60, fuelled by
top exporter Saudi Arabia's plans to cut December 2008 supplies to
Asia, a weaker dollar and hopes that global economies' plans to
lift growth could avert recession.
Foreign institutional investors (FIIs) were net sellers worth Rs
19.27 crore while mutual funds sold shares worth Rs 147.08 crore on
Friday, 7 November 2008, according to provisional data on NSE.
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