Bombay Stock Exchange: Shares Up After Three Consecutive Days Of Losses
Indian shares were snatched up and increased in value on Wednesday from the Bombay Stock Exchange following three days of consecutive losses.
The BSE rose by 184.40 points, approximately 1% of the markets value, taking the countries index to 18596.02. The announcement comes after the countries market lost 3.5% of it’s value during the prior three days of trading.
The higher stock pricing occurred when 26 of 30 Sensex constituents traded at higher values than the previous 3 days and is in line with other Asian markets which also saw gains.
While overall numbers fell on the BSEO to 25.65 billion rupees ($577.8 million) from Tuesday’s trading of 28.32 billion rupees, the number of advancers (1,859) outnumbers decliners (1,0120) while 139 company’s saw no change in their current stock valuations.
Most markets were down as Europe’s debt crisis continues to raise concerns however Asian markets helped prop up other exchanges with the announcement that their GDP and industrial output were stronger than expected.
According to the Wall Street Journal:
Analysts say investors will be watching out for June inflation data out on Thursday for clues on the Indian central bank’s possible actions when it reviews monetary policy on July 26. Inflation as measured by the wholesale price index likely rose 9.7% in June from a year earlier, speeding up from May’s 9.1% rise, according to economists polled by Dow Jones Newswires.
Areas with high one day gains include auto companies which added 1.9% and Oil & Natural Gas which is state run and saw a 2% stock price increase after a follow-on share sale was postponed.
