Business News
Indian stocks gain 2.2 per cent on rises across Asia
Jan 10, 2012, 11:38 GMT
New Delhi - India's benchmark Sensex stock index rallied 2.22 per cent Tuesday and closed over 16,000 after gains on other Asian markets.
The 30-share index of the Bombay Stock Exchange closed 350.37 points higher at 16,165.09. Only two scrips were in the red at the close of trading.
The broader 50-share S&P CNX Nifty of the National Stock Exchange also gained 106.75 points, or 2.25 per cent, to 4,849.55.
Market analysts said stocks took cues from gains in other Asian bourses, including Japan's Nikkei and China's Shanghai Component Index.
'The markets were in an oversold zone, finding buying interest from value pickers,' DK Aggarwal, chief of SMC investments and Advisers, said. 'Further, news that Moody's upgraded Indian sovereign ratings was a big positive to the overall sentiment.'
Moody Investment Services on Tuesday raised India's short-term foreign currency rating from speculative to investment grade, three weeks after it did the same for Indian government bonds.
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