Nifty,Sensex end 3% up as rate sensitives soar.

>> Tuesday, November 4, 2008

Equities surged to close sharply higher on Tuesday as aggressive buying emerged in realty, banking and power stocks in the last hour of trade.
In a meeting with the finance minister P Chidambaram, PSU bankers reached a consensus to cut interest rates on advances by 75 basis points, while on deposits by 50 bps, say reports.

Bombay Stock Exchange’s Sensex closed at 10,668.45, up 330.77 points or 3.20 per cent. The index touched a high of 10,668 and low of 10,116.22.

National Stock Exchange’s Nifty ended at 3151 up 3.52 per cent. The broader index touched an intra-day high of 3152.30 and an intra-day low of 2985.

BSE Midcap Index was up 2.88 per cent and BSE Smallcap Index moved 2.90 per cent higher.

DLF (17.13 per cent), Jaiprakash Associates (9.58 per cent), Ranbaxy Laboratories (9.27per cent), Tata Power (8.47per cent) and ITC (8.45 per cent) were the top Sensex gainers.

Satyam Computers (-7.41 per cent), TCS (-7.38 per cent), Wipro (-4.80 per cent), Infosys Technologies (-3.32 per cent) and Sterlite Industries (-2 per cent) were the losers.

Market breadth was positive on the BSE with 1806 advances and 782 declines.

Source: - ET
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