Sensex regains 11k level; up by 495 pts
The BSE benchmark Sensex moved up by 495 points at 11,023 points following revival of buying by funds as well as retail investors following Finance Minister's assurance for more measures.business Updated: Oct 13, 2008 11:37 IST
The Bombay Stock Exchange benchmark Sensex moved up by 495 points and regained the 11k level at 1015 hrs on Monday following revival of buying by funds as well as retail investors after Finance Minister P Chidambaram said that more measures are expected to be announced to address the problem of liquidity.
The 30-share index, which plunged by over 2,528 points in the past six straight sessions, rose by 495.82 points, or 4.54 per cent to 11,023.67 after heavy-weight stocks led by banking sectors recorded significant gains amid firming trends in Asian stock markets.
Similarly, the wide-based National Stock Exchange's index also regained 3,400 points level by gaining 136.25, or 4.15 per cent to 3,416.20 points after most of the index participants traded higher.
Stock brokers said sentiments turned better following Finance Minister P Chidambaram's statement that more measures are expected to be announced to improve liquidity in the market.
ICICI Bank, country's largest lender in the private sector, climbed by Rs 56.90, or 15.63 per cent at Rs 421 on fresh spell of buying spree, lifting the BSE Banking index by 329.40 points, or 6.19 per cent to 5,648.90.
State Bank of India gained Rs 87.75, or 6.49 per cent at Rs 1,439.90, Axis Bank gained Rs 62.70, or 11.35 per cent at Rs 615 and HDFC Bank rose by Rs 44.65 or 4.27 per cent at Rs 1091.
Other gainers were Reliance Industries, Reliance Infra, RCom, Larsen and Toubro, BHEL and ACC.
Meanwhile, Hong Kong's Hang Seng index was up by 2.4 per cent in early trade.