Sensex up 505 pts in Muhurat trading | business | Hindustan Times
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Sensex up 505 pts in Muhurat trading

business Updated: Oct 28, 2008 19:17 IST
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It was cracker of a Diwali at the Bombay Stock Exchange this evening when the bourse registered a sharp 547-point rise bringing brought back some enthusiasm among investors after last Friday's bloodbath.

As investors made token deals during the auspicious "muhurat" trading for Samvat 2065, the 30-share barometer of Bombay Stock Exchange, buoyed by a bounce in global stock market, resumed the one-hour special trading session higher by 505.36 points or 5.94 per cent at 9,014.92 over its previous close, halting a four-day free fall in the market.

Similarly, the 50-share Nifty of the National Stock Exchange jumped by 132.35 points or 5.24 per cent to 2,656.55 at 1816 hours from its last close.

Traders said the market was supported by sectors like realty, metal and capital goods.

Indian bourses took a cue from a bounce in Asian indices and European indices during the day while the US futures indicated a rally ahead of the Federal Reserve's meeting on the interest rates.

Among the Asian indices, Hang Seng rebounded by 14.35 per cent, Nikkei by 6.41 per cent, Strait Times 4.14 per cent and Kospi by 5.57 per cent.

The Germany's DAX was trading higher by 8.78 per cent, France's CAC by 2.89 per cent and London's FTSE by 4.23 per cent during the first half of trading.

Analysts, however, felt the market is unlikely to stabilise at the current levels due to panic situation and that it is yet to touch its bottom.