TMS: Flat start for equities; JP Associates, Sterlite gain
MUMBAI: Indian stocks opened on a weak note but quickly recovered lost ground. Realty and technology stocks remained subdued while capital goods
and consumer durables posted decent gains.
After a soft open, Bombay Stock Exchange’s 30-share Sensex rose 3.1.8 points or 0.34% to 9,330.01. National Stock Exchange’s benchmark Nifty climbed 10.05 points or 0.36% to 2838.50 from Friday’s close.
Asian markets rose Monday as higher commodity prices, US proposals to shore up the world’s largest economy, and a weaker yen boosted the outlook for earnings. The Nikkei was up 0.76%, Topix rose 0.36%, Hang Seng climbed 1.38% and CSI 300 added 2.2%.
US stocks rose on Friday on strength in the energy sector and companies that hold up well in recessions, while reassuring comments from Britain's Barclays late in the day helped financials cut losses that had driven the market lower earlier.
The Dow Jones industrial average rose 68.73 points, or 0.84%, to 8,281.22. The Standard & Poor's 500 Index gained 6.38 points, or 0.76%, to 850.12. The Nasdaq Composite Index was up 17.49 points, or 1.16%, at 1,529. 33.