Sensex up 290 points on strong global cues
The benchmark Sensex gains 290 points in opening trade on massive buying by funds as well as retail investors in heavy-weight stocks, triggered by firm global cues.business Updated: Oct 29, 2008 13:53 IST
The benchmark Sensex on Wednesday gained 290 points in opening trade on massive buying by funds as well as retail investors in heavy-weight stocks, triggered by firm global cues.
Recovery in Indian rupee against the US dollar and encouraging second quarter results posted by country's largest lender State Bank of India also influenced the trading sentiments, marketmen said.
The 30-share index, which had gathered nearly 500 points in 'muhurat' session last evening, shot up by another 289.68 points, or 3.22 per cent at 9,297.76 on renewed buying in the stocks of banking, capital goods and realty sectors.
The wide-based National Stock Exchange's Nifty rose by 96.65 points, or nearly 3.60 per cent, at 2,781.25 points.
Marketmen said second biggest rally on the US stock market last evening in anticipations that Fed might announce a cut in interest rates enthused the trading sentiments on the domestic bourses.
Besides, strong Asian equity markets and covering up of short positions by speculators following revival of buying by funds also supported the rally in stock prices, they said.
Among major gainers, SBI climbed by Rs 82.40, or 7.80 per cent at Rs 1,139 on fresh buying spree, ICICI Bank shot up by 9.07 per cent at Rs 345.
Besides, other strong stocks were RIL, up by 10.73 per cent at Rs 1,190.05, Tata Motors by 13.53 per cent at Rs 159, Tata Steel by 10.56 per cent at Rs 186.30, Tata Consultancy by 10.66 per cent at Rs 550, Wipro by 12.20 per cent at Rs 247.35, Infosys Technologies by 3.45 per cent at Rs 1295 and Mahindra and Mahindra by 15.73 per cent at Rs 287.
The US Dow Jones Industrial Average climbed by 10.88 per cent, London's FTSE rose by 1.92 per cent. Japan's Nikkei moved up by over six per cent, Hong Kong's Hang Seng index gained 3.16 per cent in early trade on Wednesday.