Sensex rises 225 pts at midsession
The Bombay Stock Exchange benchmark Sensex surged 225 points at midsession on funds buying in heavyweight stocks after reports came there may be additional measures to arrest the economic slowdown.business Updated: Feb 06, 2009 15:22 IST
The Bombay Stock Exchange benchmark Sensex surged 225 points at midsession on Friday on funds buying in heavyweight stocks after reports came there may be additional measures to arrest the economic slowdown.
After a better start, the Sensex shot up by 224.89 points at 9,315.77 at 1400 hrs with index-linked stocks recording handsome gains. The upsurge was led by realty, refinery and banking stocks.
The 50-share National Stock Exchange index Nifty rose by 68.80 points at 2,848.85 at the same time.
Steps would be aimed at labour-intensive industries, where the economy may grow by about 7 per cent in the year ended March 31, External Affairs Minister Pranab Mukherjee, who is also holding the finance portfolio, said on Friday.
The government has so far announced two stimulus packages including tax cuts and the capital injections for banks.
ICICI Bank rose for the second day while automobile shares climbed as sales increased on lower interest rates.
Reliance Industries, which has the heaviest weight in the Sensex, advanced 2.3 per cent after a report that new oil drilling rigs will be delivered this year, boosting earnings.