Sensex gains over 500 pts, regains 18k mark | business | Hindustan Times
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Sensex gains over 500 pts, regains 18k mark

business Updated: Jan 25, 2008 12:05 IST

The Bombay Stock Exchange benchmark Sensex on Thursday regained the 18,000-level by gaining over 500 points on heavy buying by funds in an early trade.

The barometer index, which spurted by 864 points in previous day's trading, added another 504.17 points at 18,098.24 in the first five minutes of trading.

Similarly, broader National Stock Exchange's index Nifty shot up by 151.85 points at 5,355.25 as most of heavy-weight stocks rose.

Marketmen said sustained buying by funds influenced by a firming global trend remained a major driving force behind the current rally.

Hong Kong share prices opened up 1.3 per cent on extending the previous day's record gains on hopes the US Federal Reserve will cut rates again.

Investors remained bullish on expectation of a further cut in interest rates by the US central bank when it meets on January 29.

On Tuesday, the Federal Reserve had reduced interest rates by 75 basis points in a move to ease liquidity crunch arising out of the sub prime crisis.