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Indian stock markets rally; Sensex up 440 points

October 7th, 2011

The Indian stock markets had a wonderful rally right from the start of the trading session after having a Dushera holiday yesterday. The SENSEX zoomed 440 points and closed at 16232.54 points up 2.79%. In fact, at one point of time, the Sensex is up over 500 points. The NIFTY closed at 4888.05 gaining 136.75 points or 2.88%. CNX Midcap closed at 6894.15 gaining 70.65 (1.04%) while the BSE Smallcap closed at 6721.55 up 76.65 (1.15%).

Earlier today, the Asian stock markets closed the day in the green. The European markets are in the green too while it is mixed bag in the US markets. The Dow Jones is trading in the green (Oct 7) while the Nasdaq is marginally in the red.

Top gainers of the day are Sterlite Ind, Jindal Steel and Axis Bank (each up over 8%), Tata Motors (up 7%), Sesa Goa (up 6%), ICICI Bank, DLF and IDFC (each up 5%), Hindalco, Tata Steel, SAIL, Reliance and Kotak Mahindra (each up 4%).

Top losers of the day are Bharti Airtel (down 3%), Ambuja Cements (down 2%), Ranbaxy Labs, Hero Motocorp and BPCL (marginally down).

Finance Ministry sources are reported to be saying that the Government is getting ready to infuse capital in the public sector banks. It may be recalled the Moodys downgraded the rating of SBI’s Tier I debt recently which led to the downfall of the stock a couple of days ago.

Entry Filed under: Equity Markets, Closing Bell, Financial Services