Wednesday, October 1, 2008

Sensex reclaims 13k on IT, banking gains

MUMBAI: Indian stock market indices closed on a positive note after faltering in the initial stages. The recovery, led in turns by banking and IT stocks, saw the Sensex reclaim the 13,000 level and Nifty regain the 4000 mark, although briefly. The real estate sector continued to be under pressure, weighed down by heavy losses in Mahindra Lifespace, IndiaBulls Realestate, Orbit Corporation. At close, the BSE benchmark stood at 13,055.97, up 195.54 points or 1.52 per cent from Tuesday’s close. Intraday, the index moved from a low of 12,697.30 to touch a high of 13,203.86. BSE IT Index chalked up gains of 4.32 per cent to close at 3,228.66. The sector was led by Satyam Computer, Patni, and HCL Technologies, up over 7, 6, and 5 per cent, respectively. In banking, HDFC Bank, Bank of Baroda and IDBI Bank were frontrunners. The Bankex ended the day gaining 3.29 per cent. On NSE, the Nifty settled at 3951.75, up 30.55 points or 0.78 per cent from the previous close. The broader index scaled 4000.50 after falling to 3861.25 early in the day. The bounce was on the back of a rise in Europe and Asia as investors hoped the US Senate will push through the $700 billion plan to rescue its banks. MSCI World Index added 0.7 percent to 1,190.71. U.K.'s FTSE 100 added 1.4 percent on gains in Barclays and BHP Billiton. Germany's DAX fell 0.2 percent and France's CAC 40 advanced 0.4 percent. Europe's Dow Jones Stoxx 600 Index rose 0.5 percent, and the MSCI Asia Pacific Index increased 1.8 percent. The stock markets of China, Hong Kong, Indonesia, the Philippines, Malaysia and Singapore were shut for holidays today.
Source; http://timesofindia.indiatimes.com/Business/Sensex_reclaims_13k_on_IT_banks_gain/articleshow/3549809.cms#

FM, RBI allay fears over ICICI Bank

Mumbai: Amidst a run on its branches and ATMs in some places in the wake of rumours over its financial stability, ICICI Bank yesterday got a shot in the arm with Finance Minister P Chidambaram and RBI coming out in its support to allay fears of investors and customers. Haunted by reports over its stability and its stocks taking a beating, Managing Director and CEO of ICICI Bank K V Kamath said that the bank was aware of rumours being repeatedly circulated in certain centres regarding its financial strength and described them as "baseless and malicious".The finance minister took stock of the situation in the capital markets with SEBI Chairman C B Bhave and said all Indian banks are "well capitalised and regulated". Earlier in the day, RBI stepped in to stem the tide following the rumours about ICICI Bank, saying the private sector lender has sufficient liquidity and was well capitalised.