Sensex surges by 288 points in early trade
The Sensex, however, met with resistance at higher levels and was quoted at 10,306.32 at 10,30 am.india Updated: Jun 22, 2006 13:59 IST
The Sensex climbed smartly on Thursday morning trade and crossed the barrier of 10,200 points with a rise of 288 points. It rose to 10,328.49 points on the back of strong technicals.
Bulls seemed to have made a rebound after a long absence, which affected the volume in the markets.
The Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex) opened firm at 10,093.38 and later spurted sharply to 10,328.49, up by 288.35 points over previous close of 10,040.14.
The Sensex, however, met with resistance at higher levels and was quoted at 10,306.32 at 10,30 am.
The Nifty also spurted by 75.85 points to 2,999.30 over last close of 2,923.45.
Partly crediting the upsurge to a positive turnaround in global markets, market players said technical signs show that stocks could move upwards as the market has overcome the strong resistance level of 10,200.
The market also is well supported by sound economic fundamentals coupled with robust corporate earnings.
Analysts said if the market maintained higher levels during the day, it would continue upward march on the back of a strong comeback by bull operators.
RIL, Infosys Tech, HDFC, HDFC Bank, SBI, ICICI Bank, Bajaj Auto, Maruti Udyog, L&T, HLL, Grasim, BHEL, ONGC, Satyam Computer, Tata Motor, Tata Steel, TCS Ltd and Wipro were quoted sharply up on heavy buying support.