Mumbai, May 24 (ANI): Market analysts on Monday said the shares of the Bombay Stock Exchange (BSE) have gone up and opened at over 200 points on account of the domestic and international cues.
There was a fear of slowdown earlier in China, but now they may ramp up the global economy especially in the face of the Euro zone's slowdown.
"First, we will go to international because of the positive global cues and second thing now, there is a belief that China may reduce the tightening that we have seen off late just to pep up the global economy, ramp up the global economy because after this, Euros were slowing down," said Sunil Shah, an analyst. "We need somebody to take the economy upwards. The statement of the Ambani brothers to end the dispute over the division of assets has improved domestic buying," he added.
"In next round of rally, Reliance group of stocks will have a very good impact on the Sensex. Rather, it will give a positive weightage to the Sensex," said Siddharth Kuawala, a stock investor.
The BSE Sensex gained 208.27, or 1.3 percent, to 16,654.28 at 11:12 a.m. in Mumbai, its steepest advance since May 10.
The Indian economy is forecast to expand more than 8 percent this year. Corporate earnings have mostly been robust, but the outlook for the stock market has been dented by heavy foreign withdrawals as the Euro zone crisis sparked a flight away from equities. (ANI)