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Jun 10, 2009, 10:00 GMT

Indian markets extend rally, up by over 2 per cent

New Delhi - Indian markets rose by over 2 per cent for a second day Wednesday buoyed by positive Asian markets and the prospect of a return to fast-track economic growth. The benchmark 30-share Sensex of the Bombay Stock Exchange hovered at 15,488 in afternoon trade, 2.39 per cent above its previous close. The broader 50-share Nifty of the National Stock Exchange was at 4652.70, 2.24 per cent above Tuesday's close. Analysts said Prime Minister Manmohan Singh's comments Tuesday that economic growth could bounce back to 9 per cent boosted investor sentiment as did a rally in Asian stocks. Finance Minister Pranab Mukherjee also expressed similar confidence at a meeting with bankers Wednesday where he urged them to go for further rate cuts. Mukherjee is expected to present the annual budget on July 3 and analysts said a high expectation of increased public spending was boosting the markets. The top gainers of the day included capital goods, power and metal stocks. The Sensex has risen by 61 per cent since January following a slump of over 50 per cent in 2008.

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