Sensex jumps 256 points in New Year

Written by Markets Bureau | Mumbai | Updated: Jan 3 2009, 03:01am hrs
Indian equity indices started the first day of the year with smart gains on the back of strong cues from the global markets coupled with easing inflation and expectation of stimulus package by the government. However, the turnover remained extremely low as many overseas investors were in a holiday mood. Overseas investors were net sellers to the extent of Rs 11.60 crore.

The 30-share Sensex of the Bombay Stock Exchange (BSE) added 256.15 points or 2.66% to close the day at 9,903.46 points.

The broader S&P CNX Nifty of National Stock Exchange (NSE) closed higher by 74.30 points or 2.51% to 3,033.45 points. Volumes on the NSE were around Rs 7,016 crore, lowest since April 2007. And the India VIX remained steady at 41.13%, indicating the continuation of stability.

Strong cues from the US and Asian markets had caused some volatility but markets sentiments were boosted after the inflation data was released. All the sectors in the BSE Sectoral indices ended the day on positive terrain. An analyst from the leading broking house said, We dont see any positive rally in the coming days, unless government announces stimulus package in this week-end.

The market breadth was strong as out of 2,560 stocks traded on BSE, 2,001 stocks closed in green, 493 stocks closed in red and 66 stocks remained unchanged. Among the Sensex 28 stocks advanced and two stocks declined.