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Mumbai: The stock market rallied on Wednesday on expectations that the government will push banks for a lower interest rate regime and also spend more in the infrastructure sector. After a strong start, the sensex—up nearly 200 points at 13,780—gained through the day but picked up steam in the last one hour to close 520 points up at 14,110, its highest close in a week.
During the day, finance minister Pranab Mukherjee said he was planning to meet bankers and convince them to lower lending rates. Since lower rates act as a booster for the business of banking and financial sector firms, the BSE's banking index rose 5.4%. Among the sensex stocks, ICICI Bank ended 6.6% higher at Rs 711 while SBI closed 6.1% up at Rs 1,791.
The day's rally was acrossthe-board with real estate stocks leading the charge. BSE's realty index ended 6.1% higher. Market players said a lower interest rate regime and higher infrastructure spending have the potential to revive the sector's fortunes.
Sector leader DLF ended 8.5% higher at Rs 366 while Jaiprakash Associates closed 6.6% higher at Rs 190. Among infrastructure stocks, Reliance Infra ended 14.7% higher at Rs 1,228.
The day's gains came on the back of buying by foreign as well as domestic funds. Provisional figures by the BSE showed that net buying by FIIs was Rs 370 crore while domestic funds had a net inflow of Rs 686 crore.
Despite the rally, a section of the market players is still cautious. They pointed out that, on Wednesday, the Indian markets performed better than most of its Asian and European counterparts. This also raised concerns that sensex and NSE nifty were moving much faster than other markets and in the medium term, this could again lead to some sharp correction.
Re snaps 2-day fall
Snapping its two-day losing streak, the rupee appreciated by 22 paise to close at 47.70/72 per dollar on expectations of heavy capital inflows, as stock markets rallied after government promised to push economic reforms and ease credit costs. AGENCIES
The day's rally was acrossthe-board with real estate stocks leading the charge. BSE's realty index ended 6.1% higher. Market players said a lower interest rate regime and higher infrastructure spending have the potential to revive the sector's fortunes.
Sector leader DLF ended 8.5% higher at Rs 366 while Jaiprakash Associates closed 6.6% higher at Rs 190. Among infrastructure stocks, Reliance Infra ended 14.7% higher at Rs 1,228.
The day's gains came on the back of buying by foreign as well as domestic funds. Provisional figures by the BSE showed that net buying by FIIs was Rs 370 crore while domestic funds had a net inflow of Rs 686 crore.
Despite the rally, a section of the market players is still cautious. They pointed out that, on Wednesday, the Indian markets performed better than most of its Asian and European counterparts. This also raised concerns that sensex and NSE nifty were moving much faster than other markets and in the medium term, this could again lead to some sharp correction.
Re snaps 2-day fall
Snapping its two-day losing streak, the rupee appreciated by 22 paise to close at 47.70/72 per dollar on expectations of heavy capital inflows, as stock markets rallied after government promised to push economic reforms and ease credit costs. AGENCIES
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