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Markets cheer policy announcements

MUMBAI: The Reserve Bank of India’s surprise decision to keep the key lending rates unchanged triggered a fervent buying activity in stock markets with the benchmark Sensex and the wider Nifty spurting by over 360 points and 100 points respectively on Tuesday.

The RBI projection of economic growth at a healthy 8 to 8.5 per cent for 2008-09 and the Centre’s decision to extend the tax-holiday scheme to export-oriented software technology parks and refineries also enlivened the sentiment.

The 30-share Sensex of the Bombay Stock Exchange rose by 362.50 points, to 17378.46, a gain of 2.13 per cent over its last close.

The broader 50-share S&P CNX Nifty of the National Stock Exchange also shot up by 105.85 points to close at 5195.50.

Buying activity was widespread across sectors and all sectoral indices closed the day firm. Interest rate sensitive sectors realty and banking saw brisk buying activity with sectoral major DLF soaring by 8.57 per cent, followed by Unitech at 8.18 per cent.

Other leading realty stocks Parsvanath, Omaxe, IndiaBulls Real Estate, Ansal Infra and HDIL also posted handsome gains. — PTI

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