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Sensex up 3.92 per cent

business Updated: Mar 23, 2009 14:56 IST

The Bombay Stock Exchange benchmark Sensex surged 3.92 per cent at midsession on Monday touching a one-month high on optimism that the US stimulus measures would help stabilise markets and restore investor confidence.

The Sensex surged by 351.67 points to 9,318.35 at 1330 hrs with heavy-weight Reliance Industries rising 5.08 per cent to Rs 1,406.50, and financial stocks ICICI Bank and Housing Development Finance Corp too going up on improving sentiment in the sector.

The 50-share National Stock Exchange index Nifty shot up by 109.95 points, or 3.92 per cent, to 2,817 at the same time, with stocks in sectors like metals, oil and gas, and banking recording handsome gains.

Futures on the US Standard & Poor’s 500 Index climbed 1.4 per cent. The US will outline regulatory changes this week aimed at avoiding a repeat of the financial crisis.

Crude oil advanced to its highest level in almost four months and copper jumped to its peak since November as the dollar dropped against the euro, bolstering demand for commodities as a hedge against inflation.