Sensex finds feet again, up 440 pts as Europe looks up

Snapping a four-day losing streak, Indian markets bounced back as the 30-share Bombay Stock Exchange's sensitive index Sensex on Friday surged by 440 points, or 2.8%, to close at 16,233 points on positive global cues. After the downgrade, the uptick

Snapping a four-day losing streak, Indian markets bounced back as the 30-share Bombay Stock Exchange's sensitive index Sensex on Friday surged by 440 points, or 2.8%, to close at 16,233 points on positive global cues.

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As eurozone nations pledged to shore up banks, concerns of widespread default eased, stopping bearish speculators on their tracks.

After the downgrade, the uptick

"Today's rally was the result of optimism in global markets on the hopes that there could be a bailout package for banks in euro zone," Sunil Jain, vice-president, equity research, Nirmal Bang Securities.

On Thursday, the Bank of England had launched a second round of quantitative easing to defend Britain's faltering economy and the European Central Bank threw another lifeline to commercial banks by renewing offers to lend them one-year funding in two operations, this month and in December.

Asian markets also closed up while European market largely remained flat.

"Going ahead, the market movement will be determined by IIP (Index of Industrial Production) numbers, results by Indian companies and news flow from global market," said Rikesh Parikh, vice-president, equities, Motilal Oswal Securities.