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Indian equities rise 5 per cent on positive cues
NEW DELHI - Indian stock indices rose by more than 5 per cent Wednesday following positive cues from Asian markets and news of a likely bailout for the US auto industry.
The Bombay Stock Exchange's 30-share sensitive index Sensex closed at 9654.90 points, 5.4 per cent above its previous close.
The broader 50-share S&P CNX Nifty of the National Stock Exchange ended at 2928.25 points, about 5.2 per cent over its previous close.
Market analysts said reports indicating an agreement on a 15-billion-dollar bailout for US automakers had buoyed investors.
Financial incentives announced by the government and rate cuts by the Reserve Bank of India announced on the weekend also had positive impact.
There was buying across the breadth of the market, especially in oil, technology, metals, capital goods, telecom, power and realty.
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