Sensex zooms by 815 points in early trade
The BSE Sensex resumed with an upside gap of over 300 points and rallied further to quote at 9,859.25 at 1130 hrs.business Updated: Oct 31, 2008 14:30 IST
The benchmark Sensex on Thursday surged by a whopping 815 points at 1130 hrs on the back of firm Wall Street cues, declining inflation and good buying on the first day of new derivatives contract.
The Bombay Stock Exchange 30-share bellwether index resumed with an upside gap of over 300 points and rallied further to quote at 9,859.25 at 1130 hrs, a smart rise of 814.74 points over previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange also spurted by 224.30 points to 2,921.35 at 1130 hrs from last close.
Fall in inflation to 10.68 per cent for the week ended October 18, from 11.07 per cent in the previous week, showing a decline for the fifth successive week mainly boosted the market sentiment, brokers said.
US Federal Reverse's aggressive decision to cut key interest rates by 50 basis points to support the worldwide economic downturn also partly aided the uptrend.
On Wall Street on Thursday, the Dow Jones Industrial Average and the Nasdaq Composite Index rose by 189.73 points and 41.31 points respectively, while Asian indices displayed a mixed pattern of trading on Friday morning.
The rally was so strong that all 30 Sensex-based shares were quoting remarkably higher and all the sectoral indices were trading up by nearly 2.5 per cent to 9.0 per cent.
IT, metal, refinery and banking counters were at the centre stage.