Sensex shoots up by 484 pts in early trade
The 30-share index was quoted at 15,773.51 at 10:30 am from previous close of 15,289.40, up by 484 points after opening at 15,612.61.business Updated: Mar 25, 2008 12:26 IST
The markets extended their gains on Tuesday with the Bombay Stock Exchange benchmark Sensex shooting up by another 484.11 points as global cues injected confidence in investors.
Most of the Asian markets were trading higher in morning trade following a rally in US stocks on Monday on the back of a revised offer for Bear Stearns. JP Morgan Chase revised its open offer for Bear Stearns to $10 per share from $2 per share. The Dow Jones Industrial average surged by 187.32 points. The Standard & Poor's 500 index advanced by 20.37 points and the Nasdaq composite index added 68.34 points.
Japan's Nikkei up by 1.33 per cent, Hong Kong's Hang Seng up by 3.32 per cent and Straits Times up by 1.66 per cent.
The market sentiment was also boosted by indications that Foreign Institutional Investors (FIIs) will begin purchases in Indian stocks.
As per the provisional data, foreign institutional investors (FIIs) purchased shares worth Rs 376.13 crore on Monday.
All 30 Sensex shares were up on heavy buying support in the form of shortcovering at initial stages of the trading, brokers said.
The BSE barometer was quoted at 15,773.51 at 10:30 am from previous close of 15,289.40, up by 484.11 points after opening higher at 15,612.61.
The National Stock Exchange's S&P CNX Nifty also gained 140.35 points at 4,750.20 at 10.30 a.M. Over last close of 4,609.85.