Indian stocks rise
Friday, 5 December 2008
BOMBAY, Dec 4 (Bloomberg): India's Sensitive index rose, led by banks, on speculation the government will announce measures to counter the economic slowdown.
India may announce a 750 billion-rupee (US$15 billion) plan to boost growth by the end of this week, the Economic Times reported, without saying where it got the information.
State Bank of India, the nation's largest lender, climbed 4.30 per cent to its highest level since November 24. ICICI Bank Limited, the second-largest, added 4.70 per cent, the most since November 26.
"India needs a sentiment booster; we need some smart measures to boost the economy," said Sandip Sabharwal, chief investment officer at Mumbai-based JM Financial Mutual Fund, which manages assets worth $1.4 billion in equities and bonds.
India's benchmark Bombay Stock Exchange Sensitive Index, or Sensex, advanced 233.61, or 2.70 per cent, to 8,981.04.
The S&P CNX Nifty Index on the National Stock Exchange rose 59.65, or 2.30 per cent, to 2,716.10. The BSE 200 Index rose 2.30 per cent to 1,056.13. Nifty futures for December delivery climbed 2.30 per cent to 2,714.90.
India may announce a 750 billion-rupee (US$15 billion) plan to boost growth by the end of this week, the Economic Times reported, without saying where it got the information.
State Bank of India, the nation's largest lender, climbed 4.30 per cent to its highest level since November 24. ICICI Bank Limited, the second-largest, added 4.70 per cent, the most since November 26.
"India needs a sentiment booster; we need some smart measures to boost the economy," said Sandip Sabharwal, chief investment officer at Mumbai-based JM Financial Mutual Fund, which manages assets worth $1.4 billion in equities and bonds.
India's benchmark Bombay Stock Exchange Sensitive Index, or Sensex, advanced 233.61, or 2.70 per cent, to 8,981.04.
The S&P CNX Nifty Index on the National Stock Exchange rose 59.65, or 2.30 per cent, to 2,716.10. The BSE 200 Index rose 2.30 per cent to 1,056.13. Nifty futures for December delivery climbed 2.30 per cent to 2,714.90.