Markets surge, Sensex up by 551 points
Sensex shot up by 551 points to settle at 15,049, a level not seen since August 13 when the barometer closed at 15,093.12 points.business Updated: Sep 02, 2008 17:14 IST
The benchmark Sensex on Tuesday surged by over 550 points to regain the 15,000 points level after 19 days on falling oil prices, which eased concerns of high inflation and raised hopes of steady lending rates.
The 30-share Sensex shot up by 551.35 points to settle at 15,049.86, a level not seen since August 13 when the barometer closed at 15,093.12 points.
The wide-based National Stock Exchange index Nifty also spurted by 155.35 points, or 3.57 per cent, to 4,504.00 points.
As many as 28 Sensex stocks gained in across -the-board buying while Ranbaxy and Tata Motors closed in the red.
Interest sensitive realty and banking stocks staged an impressive rally with their sectoral indices closing the day up 7.35 per cent and 6.06 per cent respectively.
Marketmen said banking stocks rose in anticipation of steady lending rates after a fall in fuel prices. A change of guard at helm of the central bank also boosted the trading sentiment, they said.
They said the buying activity gathered momentum as speculators indulged in covering their long pending positions in view of sea-change in the market scenario.