After the Bell : 18-12-2008

By Abhishek on 6:32 PM

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Market cheered better than expected inflation numbers and surged nearly 3.5% in todays trade, the highest rise among all the Asian markets. Both Sensex and Nifty closed above key psychological levels of 10000 and 3000 respectively. Sensex closed at 10076, gaining 361 points, while Nifty put on 106 points to close at 3060. Inflation for the week ended December 6 came in at 6.84% as against 8% for the previous week and Bloomberg expectation of 7.49%. Chances of Rate cut have increased after such a sharp fall in inflation. Rupee touched 46.90 against the dollar and was headed for the highest close after 1st October 2008.

All the BSE sectoral indices closed in green. Realty index and Bankex were the top gainers, up 7.3% and 7.1% respectively. DLF and JP Associate were the top gainers among the sensex stocks, surging 9.6% and 9.4% respectively. Grasim and Sterlite were the only losers among sensex stocks, down 0.3% and 0.1%.
Rally in interest rate sensitive banking, realty, auto stocks boosted the market as a sharp fall in inflation raised the prospect of deeper interest rate cuts in coming weeks. The barometer index BSE Sensex breached the psychological 10,000 level.

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