Indian stock market up on global cues

by Sanjay Jha | October 1, 2008 at 12:00 am

111 views | 0 Recommendations | 0 comments

Indian stock market took a cue from the fresh attempts by Republicans to bail out US financial market. Markets The proposal will be an alternative to that proposed by US Treasury Secretary Henry Paulson. Eevn European markets have opened strong after this news. Indian stock market took encouragement from European market as well. US senate is set to vote on the alternate salvage bail out plan today and stock market all over the world are expecting positive result from this bail out.

The Bombay Stock Exchange benchmark Sensex moved up by 148 points and regained the 13k level in early trade today on funds buying in heavy-weight stocks, sparked by firming global markets on hopes of a new US financial bailout package.
The 30-share index, which had gained 264.68 points in yesterday's volatile session, rose by another 148.04 points to 13,008.47 on buying by funds.

Similarly, the wide-based National Stock Exchange's index rose by 48.35 points to 3,969.65 points after most of the index participants traded higher.

Stock brokers said overnight gains on the US markets on hopes of some alternative bailout package mainly buoyed the trading sentiments here.

They said a significant rise between 3 to 15 per cent in the Indian companies' ADRs on the US markets too positively impacted the trading on the domestic bourses.

Short-covering in select counters by speculators also pushed share prices higher, they said.