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Stock markets on rally with crude entering to sub-$107 phase

September 2nd, 2008

Tuesday, September 02, 2008 1:46:42 PM IST

The crude oil price has been making magic in the Indian stock markets. Nifty is up 2.8% with much of the upward move happening in the last hour of trade. BSE is up 439 points and is trading at 14937 levels.

The CNX IT is up 2.34% and Bank Nifty is up 4.88%. CNX 100 is up 2.94% and CNX 500 is up 2.83%. Banking and Capital goods are getting good buying attention. ICICI Bank, BPCL, ONGC (are all up over 6%), SBI, PNB, L&T, Unitech (are all up 5%), Reliance Infra, Tata Communication and Suzlon (all up over 4%)

BSE Sectoral indices are in the green zone except for the Healthcare sector. Bankex and Realty indices are up over 4%. PSU, Capital Goods, Power are all up over 3%

1 U.S. dollar = 44.1598 Indian Rupees
1 U.S. dollar = 107.9913 Japanese Yens
1 U.S. dollar = 0.6852 Euros
1 Ounce Gold = $802.80
1 Barrel Crude Oil = $106.90

Entry Filed under: Equity Markets