Sensex up 3.92 per cent on optimism over US stimulus packages

Mumbai, Mar 23 (PTI) The Bombay Stock Exchange benchmark Sensex surged 3.92 per cent at midsession today touching a one-month high on optimism that the US stimulus measures would help stabilise markets and restore investor confidence.

The Sensex surged by 351.67 points to 9,318.35 at 1330 hrs with heavy-weight Reliance Industries rising 5.08 per cent to Rs 1,406.50, and financial stocks ICICI Bank and Housing Development Finance Corp too going up on improving sentiment in the sector.

The 50-share National Stock Exchange index Nifty shot up by 109.95 points, or 3.92 per cent, to 2,817 at the same time, with stocks in sectors like metals, oil and gas, and banking recording handsome gains.

Futures on the US Standard & Poors 500 Index climbed 1.4 per cent. The US will outline regulatory changes this week aimed at avoiding a repeat of the financial crisis.

Crude oil advanced to its highest level in almost four months and copper jumped to its peak since November as the dollar dropped against the euro, bolstering demand for commodities as a hedge against inflation. PTI

Sensex ends below 9,000 in volatile trade

Mumbai, March 20: The Bombay Stock Exchange 30-share Sensex closed below the 9,000 level even as the market bounced back from its intra-day lows on expectations of further relaxation in monetary policy by the Reserve Bank.The BSE barometer ended the day at 8,966.68, a net fall of 35.07 points or 0.39 per cent from its previous close.The market tested a low of 8,867.13 at the mid-session due to mixed trends in global markets.The National Stock Exchange’s 50-share Nifty, however, was flat at 2,807.05 from its last close of 2,807.15.

Sensex gains moderate ground to end above 9k level

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Thursday ended above 9,000 points in almost a month by adding over 25 points amid economic worries and uncertainties related to the upcoming general elections.

The Sensex, which surged 1.2% in the early stage, pared gains to end with a small increase of 25.07 points at 9,001.75. It closed above the 9,000 point level for the first time after February 19.

In a similar fashion, the broad-based National Stock Exchange index Nifty regained the 2,800 point level by gaining 12.45 points to end at 2,807.15.

Marketmen said worries about the economy and uncertainties on the upcoming general elections kept investors cautious, with the lowest inflation in over three decades having little impact.

Trading sentiment was mixed as some gains were backed by a rally across Asia and Wall Street after the US Federal Reserve decided to inject one trillion dollars to revive the economy.

Marketmen said every rise in the market was encashed by profit sellers and reversed the rally.

Among the 30 Sensex stocks, 19 shares ended with gains while 10 lost, and one remained unaltered.

Soruce:http://timesofindia.indiatimes.com/Business/Sensex-gains-25pts-to-end-above-9000/articleshow/4287514.cms

World Bank to clear $2.6 bn loan for India soon

Date : Mar-16-2009 10:16

World Bank will soon clear a special loan package of $2.6 billion. Under the package, India Infrastructure Finance Company is expected to get $1.2 bn while SIDBI $400 mn and Power Grid Corporation $1 bn.

World Bank''s Economic Adviser (India) Giovanna Prennushi told that the Bank is in advanced stages of approving this package. Besides this, the World Bank is also working on a loan of $3 bn for the recapitalization of public sector banks. The World bank in December last year had decided to step up its exposure to India to $14 bn beginning 2009 from about $8.1 bn during the previous three years. In line with this, the bank till February this year has approved five projects in India with a total commitment of $1.34 bn. World Bank had sanctioned a loan of $400 mn earlier this year to Power Grid Corporation.

The intentions of the World Bank over increasing its exposure to the Indian infrastructure sector is in line with its thinking that such investments would help developing nations to tide over the global recession.