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Home loan package fails to boost markets
The Sensex has come off its day high as selling surfaced at higher levels. This came despite PSU banks announcing a home loan package to boost the housing sector. The Sensex is trading at 9,770 levels, up 80 points but well below its intraday high of 9,948. The Nifty after breaching the 3,000 mark at its day high is trading at 2,964 levels, up 42 points. Earlier in the day, public sector banks announced that home loans up to Rs 5 lakh would be given at a maximum interest rate of 8.5 per cent, while those between Rs 5-20 lakh would be offered at 9.25 per cent. Asian stock markets rebounded sharply on Monday after the Bush administration revived hopes of a bailout for troubled U.S. automakers and China announced a multibillion dollar plan to spur consumer spending. The BSE gains are being led metal, realty and consumer durables stocks. These sectoral indices on the BSE are up above 4 per cent. Among the Sensex stocks, Hindalco, Grasim and Tata Steel lead the gainers, up between 6.25 to 8.4 per cent. Housing Development Finance, RIL and RCom drag the index, with each stock down over 2 per cent. The advance of Asian stock markets was another sign world markets may be stabilizing, at least in the short term, from their dizzying declines over the last three months, analysts said. Asia's upward swing followed Wall Street, where stocks rallied from an early sell-off on Friday as the Treasury Department said it was ready to assist Detroit's Big Three automakers after a $14 billion rescue plan died in the Senate. US stocks looked poised to build on last week's gains as Wall Street futures rose moderately. As in the U.S., investors appeared unfazed by dismal economic data. Japanese shares led Monday's advance even as the country's central bank released figures showing confidence at major manufacturers marked its sharpest drop in 34 years. "Investors think the automakers are going to be rescued after all," said Nicole Sze, Singapore-based investment analyst at Bank Julius Baer & Co., which manages about $300 billion in assets. Tokyo's Nikkei 225 index jumped 5.2 per cent, and Hong Kong's benchmark Hang Seng index added 3 per cent. South Korea's Kospi rose 4.9 per cent. Major stock measures in Taiwan, Australia and Singapore were higher by 2 per cent or more. http://profit.ndtv.com/2008/12/15130621/Home-loan-package-fails-to-boo.html |
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