Sensex rises by another 239 pts in early trade
The markets started the week on forward mode with the benchmark Sensex advancing 239 points at 1030 hrs on strong global cuesUpdated: Apr 21, 2008 11:11 IST
Shrugging off the central bank's decision to curb money supply, the markets started the week on forward mode with the benchmark Sensex advancing 239 points at 1030 hrs on strong global cues.
Asian indices were quoted sharply higher during their early trade on Monday.
The Bombay Stock Exchange 30-share index started strong and surged further to 16,720.01 at 1030 hrs, a net gain of 238.81 points over its previous close of 16,481.20.
The broader 50-share S&P CNX Nifty of the National Stock Exchange also jumped by 78.65 points to 5,037.05 at 1030 hrs from its last close of 4,887.30.
Investors were strongly optimistic about the earning season and anticipated a good show by the country's biggest corporate Reliance Industries, which is scheduled to announce its financial results during the day, brokers said.
The Reserve Bank has hiked the CRR by 8.0 per cent, effective from April 26 and May 10 in a bid to tighten money supply as a part of concerted efforts to ease inflation.
The CRR hike normally affects the market sentiment, they added.