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Sensex gains 590 points in early trade

The 30-share benchmark index rises by 590 points on brisk buying by funds during the early morning trade.

business Updated: Nov 14, 2007 13:14 IST

Powered by a strong turnaround in global markets, the bulls lifted the benchmark Sensex by 590 points during morning trade on Wednesday.

Encouraged by positive political news and strong global cues, bulls strengthened their grip on the markets, making across-the-board purchases in early trade.

The Bombay Stock Exchange barometer opened sharply up at 19,336.96 and then raced to a high of 19,625.43, a rise of 589.95 points, over previous close of 19,035.48.

However, later the Sensex fell marginally due to profit selling and was quoted at 19,506.17.

The broader S&P CNX Nifty of the National Stock Exchange also surged by 139.15 points to 5,834.55 at 1030 hours from Tuesday's close of 5,695.40.

The stock markets welcomed the Left's stand to allow the UPA government to proceed on discussion with the IAEA.

The Wall Street also reported a sharp rally yesterday. The Dow Jones Industrial Average last night jumped by 319.54 points or 2.46 per cent and the Nasdaq Composite Index gained 89.52 or 3.46 per cent, its biggest point gain since May 2002.

Asian indices too recorded sharp gains in early trade on the back of American rally.

First Published: Nov 14, 2007 10:41 IST